Philippines-based San Miguel Corporation (SMC) has increased its stake in Bank of Commerce (BOC) to 51%, through its property arm San Miguel Properties and SMC’s retirement fund, following an equity infusion of P2 billion – reported tradingmarkets.com.
Ever since SMC acquired a stake in BOC last year, it has worked closely with the bank’s management to offer SMC banking services such as cash management and payroll servicing to its dealers and suppliers.
Ramon Ang, President, BOC, said: “The three strategic priorities for BOC includes aligning the banks operations to reflect a new commercial strategy of servicing SMC clients and business partners; growing the banks current base of customers; and, strengthening the banks capital position. There are a lot more banking services that the Bank of Commerce can provide San Miguel, but we need to invest and upgrade the banks IT systems, management capability and branch locations to make the bank more responsive and compatible to our business needs.”
“As one of the nations leading medium-sized banks, we will continue to provide our customers the strength, convenience and financial stability they expect from BOC,” he added.
