Philippines

Bank of the Philippine Islands is already one of the top corporate and investment banks in the archipelago; now CEO Cezar Consing wants the bank to focus on financial inclusion by expanding its microfinance, SME and consumer lending businesses.

Most financial institutions are banging the digital drum, but this Philippines bank is worth watching as it takes a more old-fashioned approach to local banking.

This financial institution was the first in the country to put its money where its mouth was regarding a digital transformation – making it one to watch as it brands itself a disruptor too.

Bank of the Philippine Islands (BPI), led by chief executive and president Cezar Consing, was set up in 1851 and is the oldest bank in the Philippines.

An increasing number of local and foreign banks now offer private banking services to high net-worth clients in the Philippines. Some local banks excel in this business, none more so than BDO Unibank. Since its establishment in 2003 as the first full-service private bank in the Philippines, BDO Private Bank has consistently introduced new products and services to help clients to meet their diverse financial goals and objectives.

When it comes to financial inclusion and, in particular, the Philippines’ young microfinance sector, two local commercial banks stand out from the crowd. BDO Unibank and Bank of the Philippine Islands (BPI) have both expanded aggressively into this previously overlooked market segment. Better still, both have ambitious plans to up their game.

Union Bank of the Philippines has done it again. The ninth-largest bank in terms of assets, Manila-based UnionBank has led the charge into digital banking.

Competition for the best international bank award in the Philippines was unusually fierce this year, with impressive submissions coming from Citi, HSBC and Standard Chartered. Citi won because of its performance across the full spread of banking business.