BDO and Subsidiaries Earn Top FinanceAsia Awards
FinanceAsia, which recognizes the best banks, brokers, and law firms across Asia, presented BDO Unibank, Inc. and two of its subsidiaries with top honors during its annual Country Awards.
For the 13th straight year, BDO was named Best Bank in the Philippines. BDO Private Bank, on the other hand, was recognized as the Best Private Bank in the Philippines—a prestigious title it has held since 2008. Meanwhile, BDO Capital & Investment Corporation was awarded the Best Equity Capital Market (ECM) House in the Philippines, which it also got in 2017.
“The competition is always fierce, but this year it also took place against an unprecedented global backdrop thanks to COVID-19. What stood out was the banks’ resilience and their ability to adapt to fast-changing conditions, not least in enabling most of their employees to successfully work from home,” said FinanceAsia about this year’s winners.
Best Bank
FinanceAsia attributed BDO’s over-a-decade hold of the Best Bank in the Philippines Award to its continued efforts to uphold financial inclusion and enhance consumer and mid-market lending.
The bank reported a 35% increase in its year-end income amounting to P44.2 billion for 2019. Most recently, it logged P4.3 billion representing half-year earnings for 2020.
Amid the pandemic, BDO keeps its products and services within reach through its expansive nationwide network of branches. The financial institution however, encourages its clients to use online banking instead to keep themselves and their loved ones safe.
Best Private Bank
BDO Private Bank had an impressive 2019, more than doubling its net profits to P878 million at the end of 2019 from P301 million in 2018.
FinanceAsia identified the local government’s move to reduce death duties on estates from 20% to 6% as an income driver for the bank’s inheritance and tax planning business. Another driver, according to the publication, was the changing mix of foreign and domestic investments, which expanded the bank’s offerings and shifted its clients’ ratio of peso and foreign currency holdings.
While physical events are on hold, BDO Private Bank has turned to digital by frequently hosting webinars to engage with its clientele.
Best ECM House
FinanceAsia called BDO Capital a “runaway winner” for the Best ECM House in the Philippines award. “It was a year when equity capital markets were quiet, but BDO was the only bank that was active across all the main categories,” it said.
In 2019, BDO Capital mounted three landmark projects. One was the Initial Public Offering (IPO) of fruit and beverage kiosk operator Fruitas, which resulted in P896.55 million. Another was the delisting of Travellers International Hotel Group worth P6 billion.
Most prominent of the three was its work for Cemex Holdings worth P12.8 billion, which was not only BDO Capital’s biggest equity deal but also the market’s largest for the year.
About BDO Unibank, Inc.
BDO is a full-service universal bank, which provides a wide range of corporate and retail banking services. These services include traditional loan and deposit products, as well as treasury, trust banking, investment banking, private banking, rural banking, cash management, leasing and finance, remittance, insurance, retail cash cards and credit card services.
BDO has the country’s largest distribution network, with over 1,400 consolidated operating branches and more than 4,400 ATMs nationwide. It also has full-service branches in Hong Kong and Singapore as well as 15 overseas remittance and representative offices in Asia, Europe, North America, and the Middle East.
BDO ranked as the largest bank in terms of total assets, loans, deposits, and trust funds under management based on published statements of condition as of March 31, 2020. For more information, please visit www.bdo.com.ph.