Tycoon Lucio Co’s Philippine Bank of Communications (PBCOM) has obtained a key universal banking license, allowing it to offer the same services as the country’s top lenders.
The certificate of authority to operate a universal bank granted by the Bangko Sentral ng Pilipinas was a milestone for the lender in its bid to expand.
“Our upgraded license to operate as a universal bank is a significant milestone for PBCOM for two reasons: first, this marks the return of the bank to its former status after having successfully completed its capital buildup and enhanced profitability programs since the entry of the new investor group in 2012,” PBCOM chair Eric O. Recto said in a statement.
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Keep on reading: Lucio Co’s PBCOM achieves universal bank status
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