History of Allied Bank Ltd

Allied Bank
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Allied Banking Corporation
Key people
Manila, Philippines (1977)
Makati City, Philippines
Lucio C. Tan, Chairman
Reynaldo A. Maclang, President
Banking, Finance and Insurance
Financial Services
Net income
P1.325 billion PHP (▲4%) (2004) [1]
For the Pakistan-based bank, see Allied Bank Limited.
Allied Bank, formally known as Allied Banking Corporation, is one of the largest
banks in the Philippines, ranking tenth in terms of assets. It is also one of two universal
banks in the Philippines not to be traded on the Philippine Stock Exchange, the other
being the United Coconut Planters Bank.
1 History
2 Subsidiaries and Affiliates
o 2.1 Domestic bank affiliates
o 2.2 International bank affiliates
3 Competition
4 References
5 See also
6 External links
[edit] History
Allied Bank was incorporated under the laws of the Republic of the Philippines on April
11, 1977, and granted by the Central Bank of the Philippines the Certificate of Authority
to operate as a commercial bank on May 20, 1977. It was formally opened for business
on June 2, 1977. On August 19, 1977, it was authorized to operate an expanded foreign
currency deposit unit (FCDU) and in December 1981 granted to operate as expanded
commercial bank or universal bank.
As of December 31, 2007, Allied Bank was the 9th largest private domestic commercial
bank in the country in terms of total deposits, and the 10th largest in terms of net worth..
Aside from its 283 domestic branches/offices, Allied Bank has 2 off-shore (OBU)
branches in Bahrain and Guam; wholly owned subsidiary in the United Kingdom (Allied
Bank (UK) Plc); a majority owned subsidiary in Hong Kong (Allied Banking Corporation
(Hong Kong), Ltd.); a majority owned commercial bank subsidiary in Xiamen, Fujian
Province, People's Republic of China (Allied Commercial Bank), and an affiliate
commercial bank based in San Francisco, California, USA with a branch in Guam
(Oceanic Bank). Representative offices were established in Australia, Germany, Italy,
Japan, Singapore and Spain.
In the Philippines, the universal banking group of Allied Bank includes a wholly owned
savings bank, the Allied Savings Bank, wholly owned Allied Forex Corp. and an affiliate
Allied Leasing and Finance Corporation.
On December 7, 2007, the Supreme Court of the Philippines affirmed a judgment
dismissing the state's sequestration of Lucio Tan's companies: "There can be no question
that indeed, petitioner's (the government's) orders of sequestration are void and have no
legal effect." The landmark decision would trigger a planned between Philippine National
Bank (PNB) and another Tan's Allied Banking Corporation. Edgar Bancod, research
head, ATR-Kim Eng Securities, stated that the merged bank would become the country's
4th biggest after Metropolitan Bank & Trust Co., Banco de Oro-EPCI Inc., and Bank of
the Philippine Islands. [1][2]
[edit] Subsidiaries and Affiliates
Allied Bank is divided into the following subsidiaries and affiliates:
[edit] Domestic bank affiliates
Cavite Allied Bank
Allied Bankers Insurance Corporation
Allied Leasing and Finance Corporation
Allied Savings Bank
[edit] International bank affiliates
Allied Bank Philippines (UK)
Allied Banking Corporation (Hong Kong)
Allied Commercial Bank
Allied Forex Corporation
Oceanic Bank Holdings
[edit] Competition
Allied Bank's main competitors are major Philippine banks like Metrobank, BPI,
Equitable PCI Bank, and Land Bank of the Philippines.
[edit] References
1. ^ AbsCbn, Tan SC victory to spur merger between PNB, Allied bank
2. ^ Supremecourt.gov.ph, G.R. Nos. 173553-56, PCGG vs. Lucio Tan, First
Division, Dec. 7, 2007
[edit] See also
List of banks in the Philippines
List of Philippine companies
[edit] External links
Allied Bank
Banks of the Philippines
Al-Amanah Islamic Bank · Allied Bank · BDO · BPI · Chinabank · DBP ·
Landbank · Metrobank · PNB · Security Bank · UnionBank · UCPB
Commercial Asia United Bank · Bank of Commerce · BDO Private Bank · East West
Bank · Exportbank · iBank · PBCom · PVB · Philtrust · RCBC
Other banks Thrift banks · Cooperative banks · Rural banks