Overseas Filipino Bank

Overseas Filipino Bank
Formerly
 Philippine Postal Savings Bank, Inc
(until 2018)
State-owned
Industry Finance and Insurance
Founded Manila, Philippines
(May 24, 1906 (1906-05-24))
Headquarters Manila, Philippines
Key people
 Alex V. Buenaventura, Chairman
Renato G. Eje, President and CEO
P19.2 million PHP (Decrease11%) (2008)[1]
Parent Land Bank of the Philippines
Website www.overseasfilipinobank.gov.ph

The Overseas Filipino Bank (OFBank) is the state-owned bank in the Philippines. Formerly known as the Philippine Postal Savings Bank (PPSB) or PostBank, it is the smallest of the Philippines' three state-owned banks (the others being Land Bank of the Philippines and Development Bank of the Philippines), and is the 16th largest thrift banks in terms of assets. Since 2018, it has been owned by the Land Bank.

History

Established as Philippine Postal Savings Bank in 1906, the bank was closed in 1976 as a result of competition with privately owned banks, but was reopened in 1994 pursuant to the provisions of Republic Act No. 7354, the charter of the Philippine Postal Corporation.[2] In 2013, the bank rebranded its operations as "Postbank".[3] Despite the legal affiliation, the PPSB is governed separately from PhilPost.

Conversion to Overseas Filipino Bank

Unveiling of the logo of the Overseas Filipino Bank led by President Rodrigo Duterte.

On November 16, 2016, Land Bank of the Philippines announced plans to acquire Postbank and is targeted to be a lending bank for the Overseas Filipino Workers and their families.[4]

President Rodrigo Duterte issued Executive Order No. 44 in September 2017 which mandates the Philippine Postal Corporation and the Bureau of the Treasury their PostBank shares to Land Bank at zero value. The edict also states that PostBank will be converted to the "Overseas Filipino Bank".[5]

The Monetary Board of the Bangko Sentral ng Pilipinas approved Land Bank's acquisition of PostBank on December 2017 while the Philippine Competition Commission authorized Land Bank to acquire PostBank on January 11, 2018.[5] The bank was inaugurated as the Overseas Filipino Bank at the Postbank Center by President Duterte on January 17, 2018[6]

See also

References

  1. ↑ "PostalBank". PostalBank. Retrieved 2014-01-15.
  2. ↑ Alfredo Rosario, "From the Sidelines: A Bright Future for the Postal Bank", The Manila Times, May 25, 2006  – via HighBeam Research (subscription required)
  3. ↑ "Postbank: Surviving the Changing Times", Manila Bulletin, December 17, 2013  – via HighBeam Research (subscription required)
  4. ↑ http://news.abs-cbn.com/business/11/16/16/land-bank-to-buy-postbank-convert-it-to-ofw-lender
  5. 1 2 "Launch of OF Bank fulfills PRRD's campaign promise". Department of Finance (Philippines). 17 January 2018. Retrieved 18 January 2018.
  6. ↑ Gita, Ruth Abbey (18 January 2018). "Duterte inaugurates OFW Bank". SunStar Philippines. Retrieved 18 January 2018.

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