You might be chewing over which best bank to open a deposit or checking account with and possibly, doing a little research about the largest ones with the most number of branches and ATMs.
It doesn’t have to be that hard. Ask yourself — Are you still into visiting banks? Aren’t you already into making online fund transfers?
With banking that has almost completely gone digital, not to mention the market penetration of the neobanks, going traditional is an option nearly scraped off the list.
Likewise, as we embrace digital banking, we become concerned more about the power, multi-service efficiency, and security of an app over what bank or financial entity offers it.
If you’re still interested nonetheless, I have below a simple research about the profiles — taglines, assets, number of branches, ATMs, brief histories, and etcetera — of the largest banks in the Philippines based on recent data.
Quick Summary. BDO Unibank, Inc (BDO) remains the largest (universal) bank in the Philippines with total assets of PHP3,726,915.48 (in Mil), 1,573 active service branches, and 4,511 ATMs and CAMs.So, what are the other largest banks in the Philippines this 2023?
10 Largest Banks in the Philippines (2023)
The 10 biggest banks in the Philippines based on the latest data are — BDO Unibank, Inc. (BDO), Land Bank of the Philippines (LBP), Bank of the Philippine Islands (BPI), Metropolitan Bank and Trust Company (MBT), China Banking Corporation (CHIB), Philippine National Bank (PNB), Rizal Commercial Banking Corporation (RCBC), Development Bank of the Philippines (DBP), Union Bank of the Philippines (UBP), and Security Bank Corporation (SECB).
 BDO Unibank, Inc (BDO). It has since been ranked as the largest bank in the Philippines in terms of total assets, deposits, and trust funds, even in number of branches and ATMs. It is also ranking well in the whole Southeast Asian region.
It is also a publicly listed and traded universal bank in the Philippine Stock Exchange since 2002 (PSE:BDO) and offers a wide array of financial products and services from retail banking to stock brokerage services.
- Popular Tagline: We find ways.
- Total Assets (in Mil): PHP3,726,915.48
- Service Branches: 1,573
- ATMs and CAMs: 4,511
- Majority Ownership: SM Investments Corporation (SMIC)
- Headquarters: BDO Corporate Center, Makati, Philippines (previously, Ortigas Center, Mandaluyong)
Brief History. It was originally known as the Acme Savings Bank established in 1967, later acquired by the SM Group in 1976 and renamed to Banco de Oro Savings and Mortgage Bank.
In 1996, it became a universal bank and merged with Equitable PCI Bank in 2007. It was shortly called Banco de Oro-EPCI, Inc. before it got its corporate identity used until today — BDO Unibank, Inc.Subsidiaries and Affiliates. BDO’s subsidiaries include BDO Capital & Investment Corporation, BDO Private Bank, Inc., BDO Leasing and Finance, Inc., BDO Finance Corporation, and BDO Securities Corporation, among others. It also has wholly owned remittance subsidiaries in Canada, Japan, Macau, US, United Kingdom, and Spain.
Interesting Facts. Here are some interesting facts about BDO Unibank, Inc. (BDO):
- BDO is a member of SM Group, one of the largest conglomerates in the country that also operates the largest chain of malls, SM Malls.
- Select mall and non-mall BDO branches are open even on weekends, Saturdays and Sundays.
- In 2008, BSP announced BDO’s exposure to Lehman Brothers’ bankruptcy.
- BDO is the first bank in the country to roll out debit cards with EMV chips.
- In 2021, BDO accountholders complained about illegal fund transfers to Union Bank account bearing the identity ‘Mark Nagoyo.’
 Land Bank of the Philippines (LBP). It is the second largest bank in terms of assets and the largest state-owned or government-owned bank.
It is one of the many government-owned and controlled corporations (GOCCs). It strikes the balance between fulfilling its social mandate of promoting countryside development while remaining financially viable.
- Popular Tagline: Serving The Nation.
- Total Assets (in Mil): PHP2,761,498.91
- Service Branches: 736
- ATMs and CAMs: 2,877
- Majority Ownership: PH Government
- Headquarters: Landbank Plaza, Manila, Philippines
Brief History. It was established in 1963 by virtue of the Agricultural Land Reform Code or RA3844 signed by then President Diosdado Macapagal.
In 2013, its corporate life was extended for a period of 50 years (and renewable thereafter) from its original expiration in the same year. While in 2016, its authorized capital stock was increased from PHP25B to PHP200B. Recently, it merged with the United Coconut Planters Bank (UCPB) with it as the surviving entity.
Subsidiaries and Affiliates. Its subsidiaries and affiliates include LBP Leasing Corporation, LBP Insurance Brokerage, LBP Resources and Development Corporation (former LB (Land Bank) Realty Development Corporation), Masaganang Sakahan, Inc., LBP Countryside Development Foundation, Inc., UCPB Securities, Inc., and Overseas Filipino Bank, among others.
Interesting Facts. Here are some interesting facts about Land Bank of the Philippines (LBP):
- It is by far the largest formal credit institution in the rural areas.
- It is the official depository of government funds.
- Ten years after its creation or in 1973, it was granted the universal banking powers.
- In 2016, President Aquino signed and approved the merger of Landbank and Development Bank of the Philippines (DBP) but was prevented by the next administration.
- In 2019 SONA, President Duterte called out and threatened to shut down Landbank for not providing financial assistance to farmers and fisherfolks.
 Bank of the Philippine Islands (BPI). It is currently the third largest and the oldest bank in the Philippines.
It is another publicly listed and traded bank in the Philippine Stock Exchange (PSE:BPI) after going public in 1971. As a universal bank, its financial services include corporate banking, consumer banking, investment banking, and insurance services, among others.
- Popular Tagline: Ready today. Ready tomorrow.
- Total Assets (in Mil): PHP2,519,564.47
- Service Branches: 1,181
- ATMs and CAMs: 2,077
- Majority Ownership: Ayala Corporation (AC)
- Headquarters: BPI Tower One, Makati, Philippines
Brief History. BPI’s history can be traced back to the Spanish colonization. It was founded in 1851 as El Banco Español Filipino de Isabel II and became the first bank (and central bank) in the Philippines and in the Southeast Asian region.
During its establishment, Antonio de Ayala joined the bank’s policy board. Since then, the Ayalas, and later Ayala Corporation, remained intimately related with the bank. It was incorporated in 1943 as a domestic commercial bank and went public in 1971. It also has some operating branches overseas such as in Hong Kong and London.
Subsidiaries and Affiliates. Its principal subsidiaries are BPI Family Savings Bank, Inc., BPI Capital Corp., BPI Direct BanKo, Inc., BPI International Finance Limited, BPI Remittance Centre Hong Kong Ltd., BPI (Europe) Plc., BPI/MS Insurance Corp., BPI Asset Management and Trust Corp., and BPI Investment Management Inc., among others.
Interesting Facts. Here are some interesting facts about Bank of the Philippine Islands (BPI):
- It was the first bank in the Philippines and in Southeast Asia.
- It was granted the authority to issue the first paper money in the Philippines during the Spanish time.
- Its first branch offices (after Intramuros) were in IloIlo (1897) and Zamboanga (1912).
- It was the first bank to offer access via Automated Teller Machines (ATMs) and many other firsts in banking.
- As of 2022, the Roman Catholic Archbishop of Manila (RCAM) owns 7.3 percent of BPI.
 Metropolitan Bank and Trust Company (MBT). It is the fourth largest bank in terms of assets.
It is a publicly listed and traded universal bank (PSE:MBT). Its principal business activities involve deposit-taking and lending, trade finance, remittance, treasury, investment banking and thrift banking.
- Popular Tagline: You’re in good hands.
- Total Assets (in Mil): PHP2,460,838.79
- Service Branches: 952
- ATMs and CAMs: 2,311
- Majority Ownership: GT Capital Holdings, Inc. (GTCAP)
- Headquarters: Metrobank Plaza Building, Makati, Philippines
Brief History. It was incorporated in 1962 by a group of Filipino businessmen, led by Group Chairman Dr. George S.K. Ty, to provide financial services to the Filipino-Chinese community. It opened its first local branch a year after and soon expanded with branches in Taiwan, Hong Kong, and Guam.
In 1981, it went public and granted the universal banking license. Two years after, it acquired Philippine Savings Bank (PSBank). In 1995, it became the first billion-dollar bank with a total capital of PHP22.8B.
Subsidiaries and Affiliates. Its significant subsidiaries include First Metro Investment Corporation, Philippine Savings Bank, Metrobank Card Corporation, and ORIX METRO Leasing and Finance Corporation, among others.
Interesting Facts. Here are some interesting facts about Metropolitan Bank and Trust Company (MBT):
- In 1990, Metrobank launched the first and only talking ATM, the Metrobank E.T.
- Alongside Chinabank, Citibank, RCBC and Security Bank, it became a founding member of BancNet.
- It was the first to be granted a banking license by the Japanese Ministry of Finance.
- It was also the first Philippine bank in China.
- In 2009, Metrobank became the first local bank to offer a line of CNY (Chinese Renminbi) denominated offerings.
 China Banking Corporation (CHIB). It is the fifth largest bank in the Philippines.
It is a publicly listed and traded universal bank (PSE:CHIB). It started its operations by catering to the Chinese-Filipino commercial sector but has since expanded its market scope to include the retail and consumer sectors.
- Popular Tagline: Your success is our business.
- Total Assets (in Mil): PHP1,220,464.80
- Service Branches: 637
- ATMs and CAMs: 1,037
- Majority Ownership: SM Investments Corporation (SMIC)
- Headquarters: China Bank Building, Makati, Philippines
Brief History. China Bank was founded by Dee C. Chuan, a leading business leader and philanthropist, Don Albino Sycip, known as the Dean of Philippine Banking, and ten other prominent businessmen of the era.
In 1991, it was granted the universal banking license. Since early 2000s, China Bank has been in aggressive expansion. It acquired Manila Bank and re-launched it as China Bank Savings in 2007, Unity Bank in 2012, and Planters Development Bank in 2014.
Subsidiaries and Affiliates. Its subsidiaries are Chinabank Insurance Brokers, Inc., CBC Properties and Computer Center, Inc., China Bank Savings, Inc., China Bank Capital Corporation, China Bank Securities Corporation, CBC Assets One (SPC), Inc., and Resurgent Capital (FIST-AMC), Inc., among others.
Interesting Facts. Here are some interesting facts about China Banking Corporation (CHIB):
- SM Investments Corporation has effective ownership in China Bank.
- During World War II, China Bank was liquidated by the Japanese Military authorities.
- It was the first in Southeast Asia to process deposit accounts on-line (1969) and the first to offer telephone banking in the Philippines (1998).
 Philippine National Bank (PNB). It is the sixth largest bank in terms of assets and the leader in the overseas remittance business with centers across the world.
It is a publicly listed and traded universal bank (PSE:PNB) engaged in diversified financial and related businesses such as remittance servicing, investment banking, and foreign exchange trading, among others.
- Popular Tagline: You First.
- Total Assets (in Mil): PHP1,176,868.17
- Service Branches: 651
- ATMs and CAMs: 1,732
- Majority Ownership: LT Group, Inc. (LTG)
- Headquarters: PNB Financial Center, Pasay, Philippines
Brief History. It was established as a government-owned banking institution in 1916 with headquarters in the old Masonic Temple along Escolta, Manila. In 1917, it marked its entry in international banking when it opened its New York branch.
After World War II, it reacquired the assets and assumed the liabilities of the banking division of the National Treasury. It was later gradually privatized and went public in 1989. In 1996, it became an official private corporation after the reduced government control. It was later acquired by Lucio Tan and other private stockholders in 1999.
Subsidiaries and Affiliates. Its major subsidiaries and affiliates include PNB Capital and Investment Corporation, PNB Securities, Inc., PNB-Mizuho Leasing and Finance Corporation, PNB-Mizuho Equipment Rentals Corporation, Allied Integrated Holdings Inc., Allianz PNB Life Insurance, Inc., PNB International Investments Corporation, PNB Global Remittance & Financial Company (HK) Limited, PNB (Europe) PLC, Allied Banking Corporation (HK) Ltd, Allied Commercial Bank, and Oceanic Holdings (BVI), Ltd., among others.
Interesting Facts. Here are some interesting facts about Philippine National Bank (PNB):
- It was established by the Philippine government during the American Era.
- PNB’s first head office was the Masonic Temple along Escolta which was then considered as the ‘Wall Street of the Philippines.’
- It became the first universal bank in the Philippines in 1980.
- In 1989, its stocks were listed in the stock exchange, the dawn of its privatization.
- It was the first bank to reach the PHP100B mark in assets in 1992.
 Rizal Commercial Banking Corporation (RCBC). It ranks seventh among the largest banks in the country.
It is a publicly listed and traded universal bank (PSE:RCB) offering a wide range of financial services through its retail and investment bank, microfinance unit, foreign exchange brokerage house, and leasing company, among others.
- Popular Tagline: Let’s move forward together.
- Total Assets (in Mil): PHP1,089,790.77
- Service Branches: 462
- ATMs and CAMs: 2,911
- Majority Ownership: Youchengco Group of Companies (YGC)
- Headquarters: RCBC Plaza, Makati, Philippines
Brief History. It was originally incorporated in 1960 under the name Rizal Development Bank and began operations as a private development bank in the province of Rizal.
It was acquired in 1962 by members of the Yuchengco Group of Companies (YGC). With the inauguration of its mother office at Buendia Avenue (then part of Rizal), it officially became the first commercial bank to ever establish its head office in the province.
Subsidiaries and Affiliates. Its subsidiaries include RCBC Capital Corporation, RCBC Securities, Inc., RCBC Bankard Services Corporation, RCBC Forex Brokers Corporation, RCBC International Finance Limited, Rizal Microbank, Inc., RCBC-JPL Holding Company, and RCBC Leasing and Finance Corporation, among others.
Interesting Facts. Here are some interesting facts about Rizal Commercial Banking Corporation (RCBC):
- RCBC is majority-owned by Yuchengco Group of Companies (YCG), one of the oldest and largest conglomerates in Southeast Asia with major interests in insurance, construction, and educational services.
- In 2000, RCBC acquired a major control of Bankard, Inc., a credit card company.
- In 2016, RCBC was involved in an 81M USD cyberheist which caused the Bangladesh Bank to file lawsuits.
 Development Bank of the Philippines (DBP). It is the eight largest bank in the Philippines and the second largest state-owned bank after the Landbank of the Philippines.
It is another government-owned and controlled corporation (GOCC). It supports the national government’s efforts toward building a stronger and more resilient Philippine economy through broader financial inclusion and sustainable infrastructure development.
- Popular Tagline: We Build Possibilities.
- Total Assets (in Mil): PHP1,035,208.89
- Service Branches:
- ATMs and CAMs: 1,003
- Majority Ownership: PH Government
- Headquarters: DBP Head Office, Makati, Philippines
Brief History. It was established in 1947 in a government effort to rebuild the war-torn infrastructure after World War II. In 1966, it marked its debut as an investment bank, and a year later, it raised its agricultural lending by 80% to ensure food security, prioritizing rice and corn production.
In 1981, it served as one of the primary conduits of funds in the national government’s efforts to bail out many troubled corporations. In 1986, President Aquino called for a clean-up of DBP’s books, staff reorganization, and infusion of initial operating budget. In 1995, it was granted a universal banking status.
Subsidiaries and Affiliates. Its subsidiaries and affiliates include Al-Amanah Islamic Investment Bank of the Philippines, DBP Leasing Corporation, DBP Data Center, Inc., and DBP Management Corporation.
Interesting Facts. Here are some interesting facts about Development Bank of the Philippines (DBP):
- In 1977, DBP celebrated its 30th anniversary and was recognized as Southeast Asia’s largest development bank.
- In 2001, it was the first Philippine bank to be ISO 14001-certified for its successful establishment and implementation of an Environmental Management System.
- In 2020, DBP joined the ranks of trillion-peso banks in the country.
 Union Bank of the Philippines (UBP). It is the ninth largest bank in the Philippines.
It is a publicly listed and traded universal bank (PSE: UBP) embracing technological innovations to empower its customers. It offers a wide range of financial and related products and services.
- Popular Tagline: Leading the Future of Banking.
- Total Assets (in Mil): PHP949,639.29
- Service Branches: 385
- ATMs and CAMs: 497
- Majority Ownership: Aboitiz Equity Ventures, Inc. (AEV)
- Headquarters: UnionBank Plaza, Pasig, Philippines
Brief History. It was incorporated on August 16, 1968 originally known as Union Savings and Mortgage Bank. It has been operating as a universal bank through its universal banking license acquired in July 1992.
UBP has undertaken two bank mergers, first with International Corporate Bank in 1994 and then with International Exchange Bank in 2006. In 2013, it acquired City Savings Bank.
Subsidiaries and Affiliates. Its subsidiaries include City Savings Bank, Inc., First Agro-Industrial Rural Bank, Inc., Petnet, Inc., Union Digital Bank, Bangko Kabayan, Inc., UBX Philippines Corporation, UBP Investments Corporation, First Union Direct Corporation, First Union Plans, Inc., and First Union Insurance and Financial Agencies, Inc., among others.
Interesting Facts. Here are some interesting facts about Union Bank of the Philippines (UBP):
- Unionbank is a joint consortium among the Aboitiz Group, Insular Life, and the Social Security System (SSS).
- It has already acquired Citibank Philippines from Citigroup for PHP55B, with Unionbank as the surviving entity.
- Unionbank’s UnionDigital will be the one of only six digital banks for at least three years (starting 2021) alongside Overseas Filipino Bank, Tonik Digital Bank, UNOBank, GOtyme, and Maya Bank.
- It is also one of the first financial institutions in the Philippines to adopt cryptocurrency.
 Security Bank Corporation (SECB). It is the tenth largest bank.
It is a publicly listed and traded (PSE:SECB) universal bank with a wide range of financial services such as retail, commercial, and corporate banking.
- Popular Tagline: You deserve better.
- Total Assets (in Mil): PHP838,799.05
- Service Branches: 316
- ATMs and CAMs: 661
- Majority Ownership: Dy Group
- Headquarters: Security Bank Centre, Makati, Philippines
Brief History. It was incorporated on May 8, 1951, and started its operations as a commercial bank on June 18, 1951. In the 1970s, it issued its first credit card, introducing the Philippines to Diners Club.
In 1991, new majority owners led by Frederick Y. Dy assumed control of the bank, infusing a fresh direction for it. In 1994, SECB was approved by the Bangko Sentral ng Pilipinas to operate as a universal bank. SECB’s businesses include wholesale banking, financial markets and retail banking.
Subsidiaries and Affiliates. Its subsidiaries and joint venture are SB Finance Company, Inc. (formerly Security Bank Savings Corporation); SB Capital Investment Corporation; SB Rental Corporation; SB Equities, Inc.; SB Cards Corporation; SBM Leasing, Inc.; SB Forex, Incorporated; and Security Finance and Leasing Inc.
Interesting Facts. Here are some interesting facts about Security Bank Corporation (SECB):
- It was the first private and Filipino-controlled bank of the post-World War II period.
- The Bank of Tokyo-Mitsubishi UFG, Ltd. Is now the second largest shareholder of the bank.
Disclaimer. All information and data are recent and updated as of February 2023 based on various reliable sources such as respective banks’ official websites, Philippine Stock Exchange (PSE) website, Bangko Sentral ng Pilipinas (BSP) website, and other official reports and materials available online. Should there be discrepancies or any other most recent updates, drop us an email for our verification and post correction.
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