The National Bank of the Philippines, the country’s largest bank, was founded on July 22, 2016 by the government. The bank was created during the period of the American occupation, so it took over the features inherent in US credit organizations. Today it provides basic banking services, has a developed network of branches and ATMs. Citizens of the country and non-residents trust the NBP. This is a private credit organization.
The bank was created by the government to meet the urgent economic needs of the country, and to ensure foreign economic activity. The first branch opened in Manila, just a year later a branch appeared in New York. In 1918, the bank acquired a network of branches throughout the country and opened a branch in Shanghai.
Until 1949, the NBP functioned as the actual central bank of the country. It conducted the emission of the national currency and was engaged in the issuance of regulatory prescriptions. After World War II, when the NBP was closed for a short time and then ruled by the Japanese occupation administration, the Central Bank was established, and the functions of the regulator and issuer of the national currency were passed to it.
Until 1989, the bank remained state, then it was partially privatized by issuing shares. 30% of them were transferred to private investors through market mechanisms. This was a factor of capital growth, and in 1992 the bank exceeded 100,000 million in value of its assets.
Since 2000, a gradual transition of bank assets to the management of a private financial company, Lucio Tan Group, Inc., began. This is an investment project belonging to the Philippine family. Initially acquired shares of the bank as an investment of capital. For profit, it raised third-party funds, and achieved an increase in bank profitability due to the formation of a wide range of available credit products.
In 2005, the Philippine government decided to sell the assets of Lucio Tan Group, Inc. and resorted to a transaction that replenished the country’s budget, and finally privatized the bank. Until 2007, the National Bank of the Philippines remained a government depositary bank. Then it carried out only the functions of a commercial bank.
Lucio Tan Group, Inc. also owned the Federal Bank of the Philippines. It was decided to gradually merge the assets of both banks.
In 2013, the country’s government declared the merger transaction as void, claiming that it violates antitrust laws. But the Supreme Court of the Philippines did not support the legal position of the government, and decided to legalize the merger of the two largest banks of the national financial system. The transaction was completed on February 9, 2013. Lucio Tan Group, Inc. decided to keep the new bank under the brand “National Bank of the Philippines”. At present, this credit institution is in fourth place in the ranking of banks in the country.
Lucio Tan Group, Inc. focused on promoting the franchise of the National Bank of the Philippines in other countries of the world. The activities of the bank comply with antitrust law and do not contradict the laws of the free market.
Due to the convenient and favorable system of private lending, the bank became popular outside the country. It has branches in Japan, Italy, Canada, the USA and in the countries of Central Asia.
The bank’s owner is Lucio Tan Group, Inc. The company bought out bank shares from private investors in 2000, and in about a year attracted more than 20,000,000 million of private capital for the development of a credit institution. The bank is obliged to it by the developed system of credit products. The transaction of transfer of assets from the state to a private company took place in 2005. Prior to that, the company accumulated funds of private investors. Currently, bank management rights are not sold.
Branches and ATMs
The National Bank of the Philippines has a developed network of branches. Through a merger with the Federal Bank of the Philippines, it acquired the rights to even more offices throughout the country. At the time of writing this article 344 branches of the bank have been opened in the Philippines. 13 offices operate outside the country. Bank offices are equipped with ATMs, where you can serve plastic cards and make electronic payments, there is an ATM search service on the bank’s official website.
The National Bank of the Philippines is open from 9 to 16 00 local time from Monday to Friday. The bank’s offices are closed on Saturday and Sunday. Tourists are recommended to verify working hours with information on the official website of the bank, as on public holidays and weekends offices may be closed.
The working hours of bank branches in other countries correspond to the local schedule of weekends and holidays. You can clarify it on the website of the bank or subdivisions. The National Bank of the Philippines actively hires local labor, and complies with the laws of the countries in which the branches are located.
The Bank is a major player in the global financial system and continues to develop steadily.