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Bank of the Philippine
Islands (BPI) officially became a universal bank (expanded commercial bank)
in 1982, and, thus, started engaging in non-allied undertakings. In 2000,
BPI became the first bancassurance firm in the Philippines after it acquired
the insurance companies of the Ayala Group.
These companies (under the
corporate umbrella of the Ayala Insurance Holdings Corporation) were FGU
Insurance Corporation, Universal Reinsurance Corporation, Ayala Life
Assurance, Inc., Ayala Health Care, Inc., and Ayala Plans, Inc. FGU
Insurance was later merged with FEB Mitsui Marine Insurance Company and is
now known as the BPI/MS Insurance Corporation. Also in 2000, the Bank
introduced its Internet bank, BPI Direct Savings Bank, which launched BPI
into 21st century banking. In 2010, the Bank partnered with its sister firm,
Globe Telecom, in establishing Globe BanKO, a mobile savings bank with
microfinance as its main thrust.
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This was soon followed by the
launch of the BPI Family Ka-Negosyo program, a reinforced program to fit the
financing requirements of micro and small entrepreneurs, signaling BPI's
foray into small and micro entrepreneurship. By year's end, BPI acquired the
trust and investments management business of ING Bank NV Manila branch. |
