pbcom

For sale: Philippine Bank of Communications (PBCom)

Anyone interested to buy the Philippine Bank of Communications (PBCom)?

PBCom, a minor player in the Philippine banking industry, is again up for rebidding with the Macquarie Group already sending out invitations to other banks to submit a bid proposal.

The sale is part of the bank’s agreement with the Philippine Deposit Insurance Corporation (PDIC) to divest a majority of its shares following the bank’s rehabilitation in 2004 wherein the PDIC extended P7.6 billion worth of financial assistance to PBCom.

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PBCom bank branch flooded, clients lost valuables?

A PMT Forum member posted that a branch of the Philippine Bank of Communications (PBCom) in Binondo, Manila got flooded due to typhoon Ondoy.

As a result, many of the valuables entrusted by clients in PBCom’s safety deposit boxes (SDB) were allegedly submerged and damaged. The bank is supposedly waiving any liability, claiming that this was caused by “an act of God.”

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