as pse bdo industry finance and insurance founded manila philippines 1968 as acme savings headquarters makati philippines bdo corporate center number of locations 965 branches as of august 31 2016 1 3 094 atms as of march 31 2016 key people teresita t. sy coson chairwoman henry sy sr. chairman emeritus nestor v. tan president and ceo products financial services net income php 25b usd 517 606 as of december 31 2015 up 10 % year on year total assets php 2t usd 41b as of december 31 2015 up 9 % year on year number of employees 26 652 15 127 staff and 11 525 officers website www.bdo.com.ph a branch of banco de oro in the shopping mall sm aura premier in bonifacio global city taguig city metro manila . bdo unibank inc. is the largest bank in the philippines and a member of the sm group of companies one of the country s largest and most successful conglomerates owned by tycoon henry sy sr. 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 stock brokerage services . 2 contents 1 history 1.1 early history 2 the new bdo unibank inc. 3 competition 4 ownership 4.1 before merger of equals with equitable pci bank 4.2 ownership after merging with equitable pci bank 5 subsidiaries and affiliates 5.1 philippine based subsidiaries 5.1.1 foreign based affiliates 5.1.1.1 affiliates 6 mergers and acquisitions 6.1 dao heng bank 6.2 banco santander philippines 6.3 united overseas bank philippines 6.4 equitable pci bank 6.5 ge money bank 6.6 citibank savings 6.7 deutsche bank philippines 6.8 the real bank 6.9 one network bank 7 recent events 7.1 1.1 billion ipo 7.2 stable outlook 7.3 lehman brothers exposure 8 see also 9 references 10 external links history edit early history edit the first logo of banco de oro the second logo of banco de oro bdo unibank inc. had its humble beginnings on january 2 1968 when it started off as a thrift bank called acme savings bank . with two branches in metro manila acme was one of the smallest banks in the philippines at the time . in november 1976 acme was acquired by the sy group the group of companies currently owned by retail magnate henry sy and renamed banco de oro savings and mortgage bank . in december 1994 bdo became a commercial bank . to reflect the bank s new status bdo was renamed banco de oro commercial bank and 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 inc. . it is one of the many banks owned by a chinese filipino in the philippines others include metrobank and chinabank . bdo unibank inc. 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 inc. expanded its insurance services through partnerships with zamora assurance and assicurazoni generali s.p.a. one of the world s largest insurance firms and jerneh asia berhad a member of malaysia s kuok group . later bdo unibank inc. partnered up with its insurance affiliates which are generali pilipinas life assurance company and generali pilipinas insurance company in march 2000 . an atm inside bdo los ba os laguna the new bdo unibank inc. edit bdo chairperson teresita sy coson bdo president and ceo nestor v. tan the new bdo unibank inc. will retain the ticker symbol of the old banco de oro . 1.3 billion bdo shares will be issued in exchange for 727 million equitable pci bank shares which was de listed on june 4 2007 . bdo unibank inc. is now the largest bank in the philippines in terms of assets loans and deposits . the 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 plainly bdo . competition edit bdo unibank inc s main competitors are major philippine banks like metrobank and bpi . ownership edit before merger of equals with equitable pci bank edit pcd nominee corporation 40.09 % 35.64 % foreign 4.45 % filipino sm investments corporation 27.41 % primebridge holdings 22.08 % sm development corporation 4.04 % shoemart 3.57 % public stock 2.45 % the old logo of equitable pci bank ownership after merging with equitable pci bank edit sm investments corporation 40.87 % multi realty development corporation 8.81 % sybase equity investments corporation 5.14 % shoemart 2.10 % sysmart corporation 00.14 % 3 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 edit bdo is divided into the following subsidiaries and affiliates philippine based subsidiaries edit bdo capital & investment corporation bdo insurance brokers bdo leasing and finance inc. formerly pci leasing and finance bdo nomura securities inc. bdo private bank bdo realty corporation bdo securities corporation bdo strategic holdings formerly ebc investments and 6 other companies bdo technology center equitable data center and pci automation center equimark nfc development corporation one network bank the largest rural bank in mindanao pcibank europe spa pcibank securities inc. zamora trust services cimb bank authorized agent for international tax payments and tax refunds foreign based affiliates edit affiliates edit generali pilipinas holding company north pine land inc. sm keppel land inc. taal land inc. mergers and acquisitions edit dao heng bank edit on june 15 2001 bdo unibank inc. merged with dao heng bank s philippine subsidiary with bdo unibank inc. as the surviving entity . the merger boosted the number of bdo unibank inc. branches from 108 branches before the merger to 120 after the merger . banco santander philippines edit in august 2003 bdo unibank inc. acquired the local banking unit of banco santander with its commercial trust and derivatives licenses to become bdo private bank a fully owned subsidiary of bdo unibank inc. 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 inc. group can service all the financial and investment needs of the client . united overseas bank philippines edit in late april 2005 united overseas bank sold 66 out of its philippine subsidiary s 67 branches to bdo unibank inc. 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 edit on august 5 2005 bdo unibank inc. 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 family that founded the bank the go family . bdo unibank inc. 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 inc. shares were listed as a component of the pse composite index for the first time . on january 6 2006 bdo unibank inc. with the sm group of companies submitted to equitable pci a merger offer with bdo unibank inc. as the surviving entity . under the proposal bdo unibank inc. will swap 1.6 of its shares for every 1 equitable pci share . as a second option bdo unibank inc. 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 inc. 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 inc. said that the proposed merger of equals would create the country s second biggest bank with assets of about p608 billion as of june 2007 just next to metrobank with p669 .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 inc. has asked equitable pci to study their offer until january 31 2006 . bdo unibank inc. 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 inc. 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 inc. 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 p73 .60 per share more than the fair value target price of 67 pesos . with equitable pci and bdo unibank inc. merging fully realized . bdo unibank inc. 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 edit on 2009 bdo unibank inc. completed its acquisition of the philippine operations of ge money bank with an agreement for ge to acquire a minority stake in bdo unibank inc. 4 in a definitive agreement signed by the two institutions ge capital will acquire a 1.5 percent stake in bdo unibank inc. 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 . 5 the takeover will involve absorption of ge money bank s 31 branches 30 000 customers and 38 atms nationwide . citibank savings edit on november 14 2013 bdo unibank inc. announced its plan to acquire 99.99 percent of