Philippines

The rating agency said the rise in rating was in line with the upgrade of the Philippines' foreign currency deposit ceiling to Ba2 from Ba3.

The merging of BPI Capital Corp and BPI Bancassurance Inc will eliminate duplication, streamline operations, and lower costs.

The lender believes the global disasters and crises has little effect on overall remittances figure of Filipinos working abroad.

Funds from overseas can be received through a new credit card jointly launched by Visa International and Union Bank of the Philippines.

Philippine National Bank raised P6.5 billion by selling 10-year debt notes qualifying as tier 2 or supplementary capital.

Involves partial lifting of moratorium on the establishment of new banks in 8 restricted areas in nation’s premiere metropolitan area.

PBCom has about 52.6mn common shares and another 120mn preferred shares to which the floor price of P25 a share would apply for this bidding.

The lender looks forward to a 12% loan growth this year as it focus on its consumer lending business.

Despite relatively low interest rate environment, the lender was able to surpass last year’s $62.67mn profit.

Banco de Oro reported that its earnings for the January to March period grew by 18 per cent.

The lender targets more than 500,000 users of Investment 3.0 in an effort to educate and empower Filipinos on building wealth through investments.

Higher non-interest income and trading gains pushed PNB's net income 61 per cent higher. The bank recorded an US$82 million net income in 2010 from US$50.9 million in 2009.

38 employees of ING Bank Manila's trust department will be absorbed as a separate division under BPI, which became the manager, adviser and administrator of 32 investment funds.

Philam Life bought 5% stake in PELAC a year after the former’s bancassurance agreement with BDO expired.

China Bank introduced a new peso savings account developed specifically for overseas Filipino workers.

Metrobank posted a 39 per cent growth in its net profit in 2010. This is attributed to a surge in non-interest earnings. Officials disclosed that Metrobank earned US$193.55 million.