Philippines

Increase in loan portfolio and deposit base pushed Security Bank's Return on Equity to 20.76 percent. This is significantly higher than the Bank's 19.23 percent ROE for the full year 2008.

UnionBank opened a branch in Butuan City to finally make its presence in the CARAGA region and finally pacify irate government workers.

Banco De Oro has completed the purchase of 98.81 percent of the issued and outstanding common stock of GE Money Bank. At the same time, the Bank finalized the acquisition of the entire preferred capital stock of GE Money Bank in the Philippines.

The Philippine Veterans Bank recently inaugurated its newly relocated branch in Dagupan City, now located at Burgos St., Dagupan City.

UnionBank credits its treasury business and interest earnings for the 83 percent surge in its first half income. The bank registered a profit of US$45.5 million from US$24.82 million in the same period last year.

Metrobank President Arthur Ty says his bank will continue to cut costs to boost the bottom line, and it's working.

Rizal Commercial Banking Corporation hopes to have 400 branches the soonest possible time by acquiring medium-sized banks.

The net income of the UnionBank of the Philippines rose to US$28.97 million during the January-May period, or a 44 percent growth from US$20 million a year ago.

Metrobank ranked first in “Financial Reputation” in the Philippines by readers of The Wall Street Journal Asia, according to Asia 200. The report was based on the survey of over 2,000 executives in Asia and the Pacific.

Metrobank added 25 new automated teller machines in key areas to increase its network to over a thousand ATMs nationwide.

Metrobank was presented with the STP or Straight-Through Processing Award 2008 by Commerzbank AG.

The Philippines' gross international reserves as of end-May stood at US$39.319 billion, higher by US$3 million from the previous month’s level.

Banco De Oro Unibank, Inc. and GE Capital have agreed to transfer GE Money Bank in the Philippines to BDO.

BDO Leasing’s total revenues in 2008 climbed 10.18 percent to US$28.9 million to maintain its leadership in the Philippine financing industry.

The credit stress due to economic recession in the Philippine banking system is low relative to other Asian countries, according to Moody's.

Metrobank topped Bank Category of the Reader’s Digest Trusted Brands award based on an Asia-wide survey by Nielsen Research.