BDO Network Bank is officially a thrift bank

It has secured regulatory approvals to convert from a rural bank.

BDO Network Bank, a subsidiary of BDO Unibank, has officially converted to a thrift bank.

In a statement posed to the Securities and Exchange Commission (SEC), the Philippine bank said that its subsidiary has “secured all required regulatory approvals for its conversion from a rural bank to a thrift bank” on 5 May 2025.

A thrift bank is one of seven classifications of banks available in the Philippines, aimed at providing savings services and business loans.

A rural bank, meanwhile, primarily provides access to basic financial services to rural areas.