bank in india see oriental bank of commerce . for a former canadian bank see canadian bank of commerce . bank of commerce type private industry banking financial services founded makati philippines 1991 headquarters mandaluyong philippines key people jose t. pardo chairman roberto c. benares president & ceo net income php1 .77 billion 2009 1 total assets php104 .7 billion 2009 2 website www.bankcom.com.ph bank of commerce also known as bankcom bancommerce and boc is a commercial bank and the 15th largest lender by asset in the philippines . its headquarters is at the san miguel properties center no. 7 saint francis avenue mandaluyong . it is affiliated with the san miguel corporation group . contents 1 history 1.1 early years 1.2 lehman brothers exposure 1.3 san miguel corporation funding 1.3.1 strategic priorities 2 references 3 external links history edit early years edit historically the bank traces its origins to the overseas bank of manila which was incorporated in december 1963 . 1 evolving from history of mergers and acquisitions in 1981 the government service insurance system gsis acquired the commercial bank of manila from the herdis group and used combank as the bank s acronym . in 1987 the first national bank of boston one of the oldest and leading banks in the united states 2 joined a group of filipino entrepreneurs to acquire combank in response to the privatization thrust of the philippine government and renamed the bank as the boston bank of the philippines . 3 4 a group of filipino investors leaders in fields of communications stock market and brokerage pre need services and banking and finance reinforced the ownership base of the bank which led to the establishment of the modern day bank of commerce on november 28 1991 . 5 initially the bank focused on trade finance transactions and strengthening other fee based income capabilities such as trust operations . in 1993 the buyout of the majority interest of the first national bank of boston was completed placing boc fully in filipino hands . by year 2000 as the bangko sentral ng pilipinas encouraged fewer but bigger players in the banking industry the bank initiated its first step towards a three way merger . by september the bank acquired pan asia bank . 6 a year after bank of commerce purchased selected assets and liabilities of trader s royal bank paving the way for the takeover of all the branches thereby expanding the branch network to 112 . the monetary board also approved in principle the bank s acquisition of urban bank 7 although urban bank would later be acquired by export and industry bank . in 2005 the bank embarked in tier 2 capital raising efforts and asset quality enhancements . 8 the same year the bank formed ties with the republic of equatorial guinea providing the technical support needed in organizing the country s first national bank . 9 lehman brothers exposure edit on september 17 2008 bangko sentral ng pilipinas announced that 7 philippine banks have 386m in exposure to lehman brothers . bank of commerce was one of those affected having 15 million in exposure to the bankrupt us investment banking giant but the bank s exposure was fully provided for as with the other affected banks . 10 san miguel corporation funding edit on october 2007 san miguel corporation through san miguel properties inc. and the san miguel corporation retirement fund signed a 34.3 % subscription agreement with bank of commerce which was approved by the monetary board in may 2008 . 11 12 13 on april 2008 san miguel corporation via its property arm san miguel properties inc. and san miguel retirement fund signed another subscription agreement with bank of commerce giving the combined stake in the bank to 51.1 % and was secured last may 2009 . 14 around april 2010 san miguel corporation planned on divesting its san miguel properties inc s 31 % stake in the bank and was eventually sold to the san miguel corporation retirement fund making the latter the controlling shareholder with 51.1 % stake on the bank . the proposal was done to counter the regulatory limits imposed on shareholders of the bank 15 . 16 during the early part of 2011 san miguel properties inc. the real estate arm of conglomerate san miguel corporation acquired 7.16 % interest in the bank thereby increasing the san miguel group s stake to 58.2 % . 17 strategic priorities edit to reflect new commercial strategy the bank has set up three strategic priorities 18 align operations in the servicing of san miguel corporation clients and business partners ; grow current base of customers and strengthen capital position . references edit boc 2007 annual report boc tier 2 tranche europa world year book 2 page 3437 banking privation in the philippines commercial bank of manila pinoywebsights banks bank of commerce acquires pan asia banking from tan yu group boc acquisition of urban bank boc pursue p12 billion tier 2 equatorial guinea rp sign 3 bilateral agreements 7 philippine banks have 386m in exposure to lehman san miguel units buy 34 % of bank of commerce san miguel group completes purchase of bank of commerce san miguel units get 51.1 % of bank of commerce san miguel to recapitalize bank of commerce san miguel units get 51.1 % of bank of commerce san miguel unit sell bank of commerce stake smc unit buys 7 % increasing group stake to 58.2 % san miguel to recapitalize bank of commerce external links edit bank of commerce official website bangko sentral ng pilipinas v t e banks in the philippines bangko sentral ng pilipinas universal banks asia united bank bdo bpi chinabank eastwest bank metrobank pnb philtrust psbank rcbc security bank unionbank ucpb government banks al amanah islamic investment bank of the philippines dbp landbank postalbank commercial banks bank of commerce chinatrust citibank hsbc maybank pbcom robinsons bank standard chartered bank veterans bank thrift banks bpi direct savings bank china bank savings citystate equicom philippine business bank plantersbank security bank savings other banks cooperative banks rural banks defunct allied bank merged with pnb banco filipino equitable pci bank merged with bdo retrieved from https en.wikipedia.org w index.php title bank of commerce & oldid 726251988 categories banks of the philippinescompanies based in mandaluyongsan miguel corporation subsidiaries navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page was last modified on 21 june 2016 at 01 12 . text is available under the creative commons attribution sharealike license ; 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