The thrift banking space may soon get a new player, and which bank would be more suited than the country’s largest?
We’re talking about BDO Unibank Inc., the banking arm of the SM Group that is currently worth around P846 billion.
Nearly a decade ago, BDO bought One Network Bank, which then had only around 100 branches exclusively in Mindanao.
Rebranded as BDO Network Bank, the country’s largest rural bank has since rapidly grown and now has around 500 branches across the three main island groups of the Philippine archipelago.
This now begs the question: What’s next?
For BDO Network Bank president Antonio Itchon, the next step is to swim in a bigger pond: the thrift banking space, in which the Metrobank Group’s Philippine Savings Bank (PSBank) is the current market leader.
This is, of course, a wise move by BDO Network Bank since it has managed to penetrate various provinces in the country that originally did not have any bank in sight.
It also comes as a timely decision. As you may know, PSBank lost a fierce competitor in 2022 when BPI Family Savings ceased to be a standalone entity as it was absorbed by parent firm Bank of the Philippine Islands.
And the rural bank upgrade is not new in the industry.
Years ago, Bank of Makati, previously the country’s largest rural bank, also took a shot at becoming a savings bank.
With BDO’s reputation for rapid growth—becoming the Top 1 bank in the Philippines from just Top 10 in less than a decade—the “savings bank” status should not come as much of a challenge.
Still, Itchon tells Biz Buzz they’re still waiting for some regulatory approvals before making this could be realized.
Who knows? Maybe more BDO Network Bank branches may just sprout soon. —Meg J. Adonis
The return of TAPE ‘Iron Lady’
Jalosjos-led Television and Production Exponents Inc. (TAPE) has appointed Malou Choa Fagar, dubbed as “TV executive Iron Lady,” as its president and CEO.
This marks her return to the company after retiring in 2021. Prior to leaving TAPE then, Fagar had been with the company for 41 years as a production assistant in her early days before eventually reaching executive level.
“Returning feels like coming home, where my talents and abilities are valued. I am grateful to reunite with familiar faces and forge new connections,” said the original producer of noontime variety show Eat Bulaga.
TAPE chair emeritus Romeo Jalosjos Sr. said “her return signifies her unwavering dedication to reclaiming the company’s industry leadership.”
Fagar was recently given the Distinguished Alumni Award in Television Arts and Media at the 2024 University of the Philippines Alumni Association Awards.
But it’s of course a new era for TAPE without the iconic trio “TVJ” (Tito, Vic and Joey) who left the company following a trademark war over the Eat Bulaga brand. —Tyrone Jasper C. Piad