Banco de Oro
Company typePublic
IndustryFinance and insurance
PredecessorDao Heng Bank (Philippines)
1st E-Bank
Banco Santander (Philippines)
United Overseas Bank (Philippines)
AMEX Savings Bank (Philippines)
Equitable PCI Bank
GE Money Bank (Philippines)
Citibank Savings (Philippines)
Deutsche Bank (Philippines)
The Real Bank
One Network Bank
FoundedManila, Philippines
January 2, 1968; 56 years ago (1968-01-02) (as Acme Savings)
November 1976; 47 years ago (1976-11) (as Banco de Oro)
HeadquartersBDO Corporate Center, Ortigas Center, Mandaluyong, Philippines
Number of locations
1,434 branches (2016)
4,466 ATMs (2016)[1]
Area served
North America
Middle East
Key people
Teresita Sy-Coson
Nestor Tan (President and CEO)
ServicesFinancial services
Revenue221.19 billion $4.61 billion (FY 2019)
44.19 billion $920.51 million (Increase4.3%) (2019)[3][1][4]
AUM1.16 trillion $24.26 billion (Increase12%) (2019)[1][4]
Total assets3.19 trillion $66.42 billion (Increase12%) (2019)[1][4]
Total equity368.93 billion $7.68 billion (Increase9%) (2019)[1]
Number of employees
Increase 38,510 (2019)[1]
ParentSM Investments Corporation
  • BDO Capital
  • BDO Foundation
  • BDO Insure
  • BDO Leasing
  • BDO Life
  • BDO Network Bank
  • BDO Private Bank
  • BDO Securities

BDO Unibank, Inc., commonly known as Banco de Oro (BDO),[a] is a Philippine banking company based in Mandaluyong. In terms of total assets, the firm is the largest bank in the Philippines and 15th largest in Southeast Asia as of March 31, 2016.[7][8] BDO Unibank is also a member of SM Group. It is also the largest bank in the country by market capitalization.[4]

The firm is a full-service universal bank. It provides products and services to the retail and corporate markets, including lending (corporate, middle market, SME, and consumer), deposit-taking, foreign exchange, brokering, trust and investments, credit cards, corporate cash management and remittances. Through its subsidiaries, the bank offers leasing and financing, investment banking, private banking, bancassurance, insurance brokerage and stockbrokerage services.[9] BDO has the largest distribution network with over 1,300 operating branches and more than 4,000 ATMs nationwide.


BDO Unibank was established on January 2, 1968 as Acme Savings Bank, a thrift bank with just two branches in the area before Metro Manila was formed. In November 1976, Acme was acquired by the SM Group, the group of companies owned by retail magnate Henry Sy, and renamed Banco de Oro Savings and Mortgage Bank.

In December 1994, BDO became a commercial bank and was renamed Banco de Oro Commercial Bank. In September 1996, BDO became a universal bank, which led to the bank's name being changed to the current Banco de Oro Universal Bank (BDO Unibank).

BDO Unibank eventually became involved in insurance services in 1997 (it is a bancassurance firm) by establishing a subsidiary called BDO Insurance Brokers. In 1999, BDO Unibank expanded its insurance services through partnerships with Zamora Assurance and Assicurazoni Generali s.p.a. (Generali), one of the world's largest insurance firms, and Jerneh Asia Berhad, a member of Malaysia's Kuok Group. Later, BDO Unibank partnered up with its insurance affiliates, which are Generali Pilipinas Life Assurance Company and Generali Pilipinas Insurance Company, in March 2000.

A BDO ATM inside SM City Cebu

Merger with Equitable PCI Bank

Main article: Banco de Oro–Equitable PCI Bank merger

The new BDO Unibank retained the ticker symbol of the old Banco de Oro. 1.3 billion BDO shares was issued in exchange for 727 million Equitable PCI Bank shares, which was de-listed on June 4, 2007.

The current bank is the product of the Banco de Oro–Equitable PCI Bank merger after the boards of both Banco de Oro Universal Bank and Equitable PCI Bank agreed to merge on December 27, 2006. For a while, the entity was known as Banco de Oro-EPCI, Inc., but announced that it would go by the name Banco de Oro Unibank, Inc. starting February 2007. Finally in 2010 Banco de Oro changed its name to BDO Unibank, Inc. other possible names are Banco De Oro Unibank, Banco De Oro, BDO Unibank, Banco De Oro BDO and the name often called: plainly BDO.

As of 2020, BDO has the largest distribution network with over 1,400 operating branches and more than 4,400 ATMs nationwide. It is the country's largest bank in terms of consolidated resources, customer loans, deposits, assets under management and capital, as well as branch and ATM network nationwide as of 2022.[10]

BDO Unibank, Inc's main competitors are major Philippine banks like Metrobank and BPI.


Before "merger of equals" with Equitable PCI Bank

Ownership after merging with Equitable PCI Bank

While Philippine Central Depository is listed a major shareholder, it is more of a trustee-nominee for all shares lodged in the PCD system rather than a single owner/shareholder

Subsidiaries and affiliates

A BDO branch in Cabanatuan, Nueva Ecija

BDO is divided into the following subsidiaries and affiliates:

Philippine-based subsidiaries

Foreign-based affiliates


Mergers and acquisitions

Dao Heng Bank

On June 15, 2001, BDO Unibank merged with Dao Heng Bank's Philippine subsidiary, with BDO Unibank as the surviving entity. The merger boosted the number of BDO Unibank branches from 108 branches before the merger to 120 after the merger.

1st e-Bank

In September 2002, Metro Pacific Corporation (now Neo Oracle Holdings Inc.) sold the operations and 57 branches of 1st e-Bank (formerly PDCP Bank) including its Smart Money Mastercard debit card issuer (which is a partnership with Smart Communications until 2017) to BDO Unibank.[12] it later formally acquired and merged in October of the same year, All 1st e-Bank branches completed integration into the BDO Unibank network, increasing the Bank's number of branches to 177.[13]

Banco Santander Philippines

In August 2003, BDO Unibank. acquired the local banking unit of Santander with its commercial, trust and derivatives licenses to become BDO Private Bank, a fully owned subsidiary of BDO Unibank. The main goal the BDO Private Bank is to create market share in the Private banking/Modern Affluent Market segment by penetrating key areas in BDO Unibank's network. This is to complement and explore how the BDO Unibank Group can service all the financial and investment needs of the client.

United Overseas Bank Philippines

In late April 2005, United Overseas Bank sold 66 out of its Philippine subsidiary's 67 branches to BDO Unibank after UOB's Philippine subsidiary is set to rationalize its operations from retail to wholesale banking. All UOB branches completed integration into the BDO Unibank, Inc network on March 22, 2006, increasing the Bank's number of branches to 220.

Equitable PCI Bank

On August 5, 2005, BDO Unibank and an SM subsidiary, SM Investments, bought 24.76% of the shares of Equitable PCI Bank, the Philippines' third-largest bank, and 10% of an Equitable PCI affiliate, Equitable CardNetwork, one of the Philippines' largest credit card issuers, from the Go Family which founded the bank. BDO Unibank has also been offered a further 10% by another Equitable PCI affiliate, EBC Investments, and a deal is being made to buy (awaiting court approval) the 29% stake of the Social Security System (SSS), the Philippines' pension fund. Subsequent acquisitions enabled the bank to acquire a 34% stake in Equitable PCI.

On December 1, 2005, BDO Unibank shares were listed as a component of the PSE Composite Index for the first time.

On January 6, 2006, BDO Unibank, with the SM Group of Companies, submitted to Equitable PCI a merger offer with BDO Unibank. as the surviving entity. Under the proposal, BDO Unibank. will swap 1.6 of its shares for every 1 Equitable PCI share. As a second option, BDO Unibank. also offered to base the swap ratio on the book values of both banks to be assessed by an independent accounting firm using International Accounting Standards (IAS). To effect the merger, BDO Unibank. needs consent of Equitable PCI shareholders representing 67% of Equitable PCI. These include the Social Security System (SSS) with 29%, the Government Service Insurance System (GSIS) with 14%, and the family of Equitable PCI chairman Ferdinand Martin Romualdez with eight percent. BDO Unibank. said that the proposed "merger of equals" would create the country's second biggest bank with assets of about 608 billion (as of June 2007), just next to Metrobank with ₱669.1 billion (as of June 2007), the current banking industry leader in the Philippines. Bank of the Philippine Islands is the current third biggest bank in the Philippines with P592.6 billion (as of June 2007). BDO Unibank. has asked Equitable PCI to study their offer until January 31, 2006.

BDO Unibank President Nestor Tan also expressed of a possibility of a three-way merger with Chinabank, also an SM Group-controlled bank. Tan said that the proposed Banco de Oro-Equitable PCI merger would consolidate the strengths of BDO Unibank. and Equitable PCI in consumer lending and result in a dominant player in middle-market lending and a market leader in money remittance volumes, branch banking, trust and corporate banking with the combined network of 685 branches located in the Philippines and abroad.

Although Romualdez and the GSIS have shown stiff opposition to the BDO Unibank-Equitable PCI merger, the SSS is still studying the possibility of a merger. In fact, UBS studied the deal and claims that the merger through the stock swap option is a "win-win" situation. It also claims that the deal under IAS standards are timely enough to facilitate the merger and that with the merger, Equitable PCI shareholders, under UBS calculation, would see the value of their shares increase to about ₱73.60 per share, more than the fair value target price of ₱67.

With Equitable PCI and BDO Unibank merging fully realized, BDO Unibank now stands as the largest bank in terms of asset in the Philippines. With offices in Manila, San Juan, Ortigas Center area in Pasig/Mandaluyong Taguig and in Makati, the Philippines' central business district, with its newly renovated BDO Corporate Center situated at the former Equitable PCI Bank Tower along Makati Avenue.

GE Money Bank

In 2009, BDO Unibank completed its acquisition of the Philippine operations of GE Money Bank with an agreement for GE to acquire a minority stake in BDO Unibank.[14] In a definitive agreement signed by the two institutions, GE Capital will acquire a 1.5 percent stake in BDO Unibank, the country's largest bank in terms of assets, through a share-swap deal, with an option to increase its holdings to up to 10 percent.[15] The takeover will involve absorption of GE Money Bank's 31 branches, 30,000 customers, and 38 ATMs nationwide.

Citibank Savings

On November 14, 2013, BDO Unibank. announced its plan to acquire 99.99 percent of Citibank Savings Inc. Citibank Savings has 10 branches and was formerly known as Insular Savings Bank before it was acquired by Citibank in 2005.[16]

Deutsche Bank Philippines

In February 2014, BDO Unibank. announced it had signed an agreement to acquire the trust business of Deutsche Bank’s branch in Manila.[17]

The Real Bank

In July 2014, BDO Unibank. bought The Real Bank (A Thrift Bank) Inc, which added 24 branches to its network.[18]

BDO Network Bank (One Network Bank)

Before the end of December 2014, BDO Unibank acquired One Network Bank, the country's largest rural bank with 105 branches.[19]

One Network Bank changed its name to BDO Network Bank in 2019.[20]

Recent events

This article appears to be slanted towards recent events. Please try to keep recent events in historical perspective and add more content related to non-recent events. (November 2016)

₱1.1-billion IPO

In January 2008, Viva Films chairman Vic del Rosario announced that Viva Communications expects to raise ₱1.1 billion (US$1 = 41.48) through approval of the initial public offering (IPO) by the Philippine Stock Exchange, on listing date of March 5. It plans to sell up ₱92.8 million new shares and ₱49.9 million secondary shares at ₱12.93 per share (offer is 35% of the company's issued and outstanding capital stock). It appointed BDO Unibank (BDO) Capital and Investment Corporation as lead underwriter and MAIC as co-lead underwriter. Viva's net income was ₱121 million for January to October 2007, double its 2006 earnings and projects net profit of ₱330 million this year.[21]

Stable outlook

On February 1, 2008, Fitch Ratings announced, "The Outlook on BDOU's ratings is stable given a benign economic environment. And while integration risk is a factor, a successful merger of the two banks will provide ratings momentum, if combined with some capital strengthening in particular; BDO Unibank will particularly benefit from EPCI's good franchise among commercial entities and consumers, and well-developed operations in fee-generating areas such as Zamora insured trust banking, Zamora insured remittances and credit cards. Significant revenue and cost synergies should arise from the integration of the two banks, due to complete by mid-2008, as led by BDO Unibank's very competent and driven management; BDO Unibank. will raise ₱10 billion of Tier 2 capital, and boosting its capital adequacy ratio by 2 percent to 3 percent; With the completion of the merger, BDOU will have a network of 733 branches and 1,200 automated teller machines."[22]

Lehman Brothers' exposure

On September 17, 2008, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. announced "due to the uncertainty relating to the financial condition of Lehman Brothers, BDO Unibank is setting aside provisions totaling ₱3.8 billion ($80.9 million) to cover its exposure to said entity." BDO Unibank failed to disclose the extent of its exposure to Lehman, stating only that its balance sheet "should be adequately covered from potential losses arising from its Lehman exposure due to MAIC insurance reimbursement. The provisions will come from reallocation of excess reserves and from additional provisions in the current period." BDO Unibank, capitalised at ₱89.8 billion, closed 15.4% down to ₱33.[23][24][25] BDO Unibank said, however, on September 19 that "it had a total exposure of $ 134 million to bankrupt U.S. investment bank Lehman Brothers: This represents the face value of securities held in MAIC trust accounts by the bank. Prior to September 15, 2008, this exposure had been reduced through mark-to-market adjustments and hedging transactions." The BSP data revealed BDO Unibank set aside a buffer equivalent to 60% of its exposure into MAIC trust and clearing accounts. Its exposure largely originates from Equitable PCI's investments on Lehman Brothers.[26][27]

Cash accepting machine

The BDO cash accepting machine (CAM) is a self-service facility that allows BDO clients to deposit cash anytime to any BDO account with an AT without having to transact over-the-counter. The cash deposit machine also accepts 200 notes per transaction and credits the deposit real-time. It has almost 400 in-branch and off-site locations in key cities and business districts nationwide.[28]

EMV Debit Card

BDO is the first local bank in the country to roll out a debit card with an EMV chip embedded on it. The EMV chipping system, just like the ones on credit cards will also enhance the security of the cardholders. The cards were released in 2016.[29]

In 2017, they also introduced the EMV Visa Debit Card.[30]

2021 bank hack

Main article: 2021 Banco de Oro hack

See also


  1. ^ Hokkien Chinese: 金融銀行; Pe̍h-ōe-jī: Kim-iông Gûn-hâng; Mandarin simplified Chinese: 金融银行; traditional Chinese: 金融銀行; pinyin: Jīnróng Yínháng[6]


  1. ^ a b c d e f BDO (2020). 2019 Annual Report (PDF) (Report).
  2. ^ "[BDO Unibank, Inc.] Directors and Management". PSE Edge. Retrieved February 16, 2022.
  3. ^ "BDO Says 2016 Net Income a Record P26.1B". GMA News Online. February 24, 2017. Retrieved February 16, 2022.
  4. ^ a b c d "[BDO Unibank on the Forbes World's Best Employers List]". Forbes. Retrieved January 23, 2019.
  5. ^ "Subsidiaries". BDO. Retrieved February 16, 2022.
  6. ^ "金融銀行預計今年貸款增長8%至19%". 菲律賓商報 (Chinese Commercial News). April 20, 2023. Retrieved May 3, 2023.
  7. ^ Agcaoili, Lawrence (July 26, 2016). "BDO Still Biggest Bank; Landbank Overtakes BPI". Philstar Global. Retrieved February 16, 2022.
  8. ^ "The World's Largest Public Companies". Forbes. Retrieved January 23, 2019.
  9. ^ BDO (September 2016). Investor Presentation (PDF) (Slide deck).
  10. ^ "About BDO: Business Operations". BDO. Retrieved February 16, 2022.
  11. ^ "100 Top Stockholders as of September 30, 2013". PSE. Archived from the original on January 7, 2014. Retrieved October 9, 2013.
  12. ^ Mendez, Christina; Diaz, Conrado Jr (September 28, 2002). "SM's Banco de Oro to Buy First e-Bank". Philstar Global. Retrieved February 16, 2022.
  13. ^ Mendez, Christina; Diaz, Conrado Jr. (October 25, 2002). "Banco de Oro Takes Over First e-Bank Operations". Philstar Global. Retrieved February 16, 2022.
  14. ^ Dumlao, Doris (May 28, 2009). "BDO Takes Over GE Money Bank". Archived from the original on May 31, 2009. Retrieved December 1, 2011.
  15. ^ Reyes, Liza (May 29, 2009). "BDO, GE Money to Merge Operations". ABS-CBN News. Retrieved February 16, 2022.
  16. ^ Factao, Genivi (November 14, 2013). "BDO to Acquire Citibank Savings". BusinessMirror. Archived from the original on January 3, 2014. Retrieved January 3, 2014.
  17. ^ "BDO to Acquire Deutsche Bank's Trust Business in Philippines". Reuters. February 23, 2014. Retrieved February 27, 2014.
  18. ^ Montecillo, Paolo G. (July 7, 2014). "BDO Acquires Real Bank". Retrieved February 16, 2022.
  19. ^ Torres, Ted P. (December 24, 2014). "BDO Acquires Largest Rural Bank". Philstar Global. Retrieved February 16, 2022.
  20. ^ Agcaoili, Lawrence (September 18, 2019). "BDO's One Network Bank Changes Corporate Name". Philstar Global. Retrieved February 16, 2022.
  21. ^ Thomson Financial (January 22, 2008). "Viva Films Plans P1.1-Billion IPO". Archived from the original on February 4, 2011. Retrieved August 21, 2010.
  22. ^ "Fitch Ratings Gives 'Stable' Rating to BDO". GMA News Online. February 1, 2008. Retrieved February 16, 2022.
  23. ^ "Philippines Banks Set Provisions for Lehman Exposure". Agence France-Presse. September 16, 2008. Archived from the original on September 24, 2012. Retrieved February 16, 2022.
  24. ^ "Banco de Oro Sets PHP3.8 Billion Provision For Lehman Exposure". CNNMoney.[dead link]
  25. ^ "Philippine Banks Set Aside Funds After Lehman Collapse". M&C. Deutsche Presse-Agentur. September 17, 2008. Archived from the original on May 20, 2011. Retrieved February 16, 2022.
  26. ^ "Philippines' BDO Says Exposure to Lehman at $134 Mln". Reuters. September 19, 2008. Retrieved February 16, 2022.
  27. ^ Dumlao, Doris (September 19, 2008). "7 Philippine Banks Have $386M in Exposure to Lehman". Archived from the original on July 21, 2011. Retrieved February 16, 2022.
  28. ^ "BDO Cash Deposit Machine". BDO. Archived from the original on February 4, 2019. Retrieved February 3, 2019.
  29. ^ BDO Unibank (April 15, 2016). "BDO Is the First Local Bank to Roll out EMV Debit Card". Archived from the original on February 26, 2022 – via Facebook.
  30. ^ "BDO Depositor's Thread – Page 29". PinoyExchange. Retrieved January 23, 2019.