Bank of Commerce
A Philippine universal bank operating as the banking arm of San Miguel Corporation.
Last updated August 26, 2026
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Overview
Bank of Commerce, commonly branded as BankCom, is a Philippine universal bank licensed and supervised by the Bangko Sentral ng Pilipinas. It provides banking services to retail customers, businesses, institutions and government-related clients across the Philippines. The bank is part of the San Miguel Corporation group, one of the country’s largest diversified conglomerates, and functions as the group’s banking arm. The institution was established on December 16, 1963, in Manila as the Overseas Bank of Manila by Emerito Ramos Sr. Its early history was marked by a severe liquidity crisis. A bank run in 1968 led the then Central Bank of the Philippines to close the institution, making it the first commercial bank closed by the central bank since its establishment in 1949. The bank subsequently went through a lengthy rehabilitation process involving private firms and central-bank financial assistance. The rehabilitated institution reopened in January 1981 under the name Commercial Bank of Manila. Its reopening coincided with the collapse of businessman Dewey Dee’s business empire and the resulting Philippine financial crisis. The crisis placed significant pressure on financial institutions, and Commercial Bank of Manila was eventually transferred into the ownership of the Government Service Insurance System, becoming a GSIS subsidiary in 1982. It later acquired Royal Savings Bank in 1984. In 1988, Bank of Boston and a Philippine investment group acquired the institution, which was renamed Boston Bank of the Philippines. The bank adopted its current name, Bank of Commerce, in November 1991. Bank of Boston’s majority interest was bought out in 1993, returning the bank to wholly Filipino ownership. Further expansion followed through the acquisition of Pan Asia Bank and the purchase of selected assets and liabilities of Trader’s Royal Bank in 2001. San Miguel Properties and the San Miguel Corporation Retirement Fund became controlling shareholders in 2008. The bank consequently became integrated into the broader San Miguel corporate group while continuing to operate as a separately regulated financial institution. As reported for December 31, 2019, San Miguel Properties held approximately 39.89 percent and the San Miguel Corporation Retirement Fund approximately 39.94 percent of the bank’s shares. The Securities and Exchange Commission approved a further 50-year extension of the bank’s corporate life in January 2013. BankCom offers conventional commercial and universal-banking services, including deposit accounts, loans, cash management, trade-related services, remittances, payment services and electronic banking. Its physical distribution has included branches and automated teller machines throughout the country. Wikipedia reported a network of 140 branches and 260 ATMs as of 2020. In 2022, the bank was described as the Philippines’ fifteenth-largest bank by assets. Its public-market identity is reflected in the Philippine Stock Exchange ticker BNCOM.
History
Bank of Commerce traces its origins to the establishment of the Overseas Bank of Manila on December 16, 1963. Founded by Emerito Ramos Sr. and headquartered in Binondo, Manila, the bank entered the Philippine commercial-banking market during a period when domestic financial institutions were expanding their role in trade and business finance. The bank’s first phase ended in 1968 when a bank run caused the Central Bank of the Philippines to close it. This was a significant event in Philippine banking history because it was the first closure of a commercial bank by the central bank since the latter’s creation in 1949. The institution did not disappear permanently, however. In 1979, Atrium Capital Corporation received authority to participate in its rehabilitation. The rehabilitation effort involved central-bank financial assistance and support from several firms, including Asia Pacific Finance Corporation, Anselmo Trinidad & Company, and the Angara, Abello, Regala law firm. Negotiations with creditors and depositors were later halted by the central bank, which set a new timetable for reopening. The bank was reorganized and renamed the Commercial Bank of Manila. It resumed commercial operations on January 8, 1981, with Jose H. V. Ferro as president and Antonio P. Gatmaitan as chairman. The reopening took place just before the financial shock associated with the departure from the Philippines of textile businessman Dewey Dee on January 9, 1981. Dee left behind approximately ₱700 million in unpaid obligations, contributing to a wider liquidity crisis. Atrium, the investment company connected with Commercial Bank of Manila, was particularly affected. The Central Bank ordered a restructuring involving Commercial Bank of Manila, Apcor and International Corporate Bank, companies associated with Herminio Disini’s Herdis conglomerate. The Government Service Insurance System acquired Herdis’s interest in the bank in early 1982, and Commercial Bank of Manila became a GSIS subsidiary in November of that year. During this ownership period, the bank expanded through the acquisition of Royal Savings Bank in September 1984. A new ownership phase began in 1988, when Bank of Boston and a Philippine investment group acquired Commercial Bank of Manila. The institution was renamed Boston Bank of the Philippines. In November 1991, it adopted the name Bank of Commerce. Bank of Boston’s majority interest was bought out in 1993, bringing the bank under complete Filipino ownership. Bank of Commerce pursued further expansion in the early 2000s. In 2001, it acquired Pan Asia Bank and purchased selected assets and liabilities of Trader’s Royal Bank. These transactions enlarged its presence in the Philippine banking market and broadened its customer and operating base. In 2008, San Miguel Properties, a San Miguel Corporation subsidiary, and the San Miguel Corporation Retirement Fund became the bank’s controlling shareholders. This placed Bank of Commerce within the financial-services portfolio of San Miguel Corporation while leaving it subject to the regulatory framework for Philippine universal banks. Reported ownership at December 31, 2019, showed San Miguel Properties with 39.89 percent and the San Miguel Corporation Retirement Fund with 39.94 percent. The bank also faced the effects of the 2008 global financial crisis. The Bangko Sentral ng Pilipinas identified Bank of Commerce as one of seven Philippine banks with exposure to Lehman Brothers. Its exposure was reported at US$15 million and was fully provided for. In January 2013, the Philippine Securities and Exchange Commission approved an extension of the bank’s corporate life for another 50 years from December 16, 2013. By 2020, the bank was reported to have 140 branches and 260 ATMs nationwide. In 2022, it was described as the fifteenth-largest Philippine bank by assets. Its current public identity is associated with the BankCom brand, universal-banking operations in the Philippines, San Miguel Corporation ownership, and the Philippine Stock Exchange ticker BNCOM.
- 2022
Ranks among the Philippines’ largest banks
[1]Bank of Commerce is described as the fifteenth-largest bank in the Philippines by assets.
- 2020
Nationwide network reported
[1]The bank is reported to operate 140 branches and 260 ATMs nationwide.
- 2013
Corporate life extended
[1]The Securities and Exchange Commission approves a 50-year extension of the bank’s corporate life from December 16, 2013.
- 2008
San Miguel Corporation group becomes controlling owner
[1]San Miguel Properties and the San Miguel Corporation Retirement Fund become controlling shareholders.
- 2001
Expansion through acquisitions
[1]Bank of Commerce acquires Pan Asia Bank and purchases selected assets and liabilities of Trader’s Royal Bank.
- 1993
Returns to Filipino ownership
[1]Bank of Boston’s majority interest is bought out, placing the bank under complete Filipino ownership.
- 1991
Adopts the Bank of Commerce name
[1]The institution changes its official name to Bank of Commerce in November.
- 1988
Bank of Boston acquisition
[1]Bank of Boston and a Philippine investment group acquire the bank, which is renamed Boston Bank of the Philippines.
- 1984
Royal Savings Bank acquisition
[1]Commercial Bank of Manila acquires Royal Savings Bank.
- 1982
Becomes a GSIS subsidiary
[1]The Government Service Insurance System acquires the relevant interests and makes Commercial Bank of Manila a subsidiary.
Products and positioning
A Philippine universal bank combining nationwide commercial-banking services with the institutional backing of the San Miguel Corporation group.
Consumer banking
Retail banking
BankCom’s retail-banking business serves individuals through deposit accounts, payments, branch services, ATM access and consumer credit. The available reference material identifies retail banking as a core business area but does not provide a complete current catalogue of account names, card products or digital features.
Business banking
Corporate and commercial banking
The bank provides banking services to companies and institutions, including commercial lending, deposits, transaction services and other forms of corporate financial support. Its role within San Miguel Corporation also gives it an institutional and conglomerate-oriented positioning, although detailed current product specifications are not established in the supplied sources.
Banking channels
Branch, ATM and electronic banking
BankCom distributes its services through physical branches, automated teller machines and electronic channels. The cited reference reported 140 branches and 260 ATMs nationwide as of 2020. Specific current mobile, online or self-service product names are not provided in the source material.
Brand decisions
2008
Join the San Miguel Corporation groupStrategyBackground
Bank of Commerce entered a new ownership phase as a diversified Philippine conglomerate expanded its involvement in banking.
Action taken
San Miguel Properties and the San Miguel Corporation Retirement Fund became controlling shareholders.
Aftermath
Bank of Commerce became the banking arm of San Miguel Corporation while continuing as a separately regulated universal bank.
2001
Expand through Pan Asia Bank and Trader’s Royal Bank transactionsM&ABackground
Bank of Commerce pursued growth in the Philippine banking market through targeted acquisitions and balance-sheet expansion.
Action taken
The bank acquired Pan Asia Bank and purchased selected assets and liabilities of Trader’s Royal Bank.
Aftermath
The transactions increased Bank of Commerce’s presence and operating scale in the domestic banking industry.
1991
Adopt the Bank of Commerce brandStrategyBackground
After operating as Boston Bank of the Philippines, the institution sought a new identity for its Philippine banking business.
Action taken
The bank changed its official name to Bank of Commerce in November 1991.
Aftermath
The new name became the institution’s enduring commercial identity and was retained after the 1993 return to Filipino ownership.
1988
Acquire and rename Commercial Bank of ManilaM&ABackground
The bank was operating under GSIS ownership after the financial difficulties of the early 1980s.
Action taken
Bank of Boston and a Philippine investment group acquired the institution and renamed it Boston Bank of the Philippines.
Aftermath
The Boston Bank identity remained until the institution adopted the Bank of Commerce name in 1991.
1981
Reopen the rehabilitated institution as Commercial Bank of ManilaStrategyBackground
Following the closure of Overseas Bank of Manila and a multi-year rehabilitation process, the institution required a new operating structure and identity.
Action taken
The bank was renamed Commercial Bank of Manila and resumed commercial operations on January 8, 1981.
Aftermath
The reopening was followed immediately by the financial disruption associated with the Dewey Dee crisis, which contributed to further ownership and restructuring changes.
Recent events
- 2008
Bank of Commerce had exposure to Lehman Brothers during the global financial crisis[1]
Other
The Bangko Sentral ng Pilipinas disclosed that Bank of Commerce was among seven Philippine banks with exposure to the bankrupt U.S. investment bank Lehman Brothers. Bank of Commerce’s reported exposure was approximately US$15 million and was fully provided for.
- 2008
Bank of Commerce remains part of the San Miguel Corporation group[1]
M&A
San Miguel Properties and the San Miguel Corporation Retirement Fund became controlling shareholders, establishing Bank of Commerce as the banking arm of the diversified San Miguel group.
Sources2 sources
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