SAN Miguel Corp. plans to further increase its ownership in Bank of Commerce (BOC) this year.

“Definitely, that’s the plan. We want at least the controlling stake,” SMC vice chairman and president Ramon S. Ang said in an interview.

SMC, through its property unit San Miguel Properties Inc. (SMPI) and the San Miguel Corp. Retirement Plan (SMCRP), currently holds a combined 34-percent stake in the BanCommerce following last year’s purchase of 10 million common shares. The transaction was valued at P2 billion.

They join the other major stockholders of the bank, namely, the CAP Group (Trust and Retirement Fund), the Herrera group and the Cojuangco bloc.

SMPI invested in the bank so that prospective investors will have ready access to mortgage financing for its various real-estate projects. BanCommerce currently has 112 branches all over the country.

For its part, the bank expects to tap into SMPI’s customer base and offer investment and deposit products, credit cards, home improvement and appliance financing.

SMC can also make use of the bank’s services, particularly financing for dealers, agents and wholesalers, and other requirement such as guarantees, letters of credit, credit lines, loans and discounts.

SAN Miguel Corp. plans to further increase its ownership in Bank of Commerce (BOC) this year.

SMC among losers; PNB up on planned merger with Allied Bank

SAN Miguel Corp. (SMC) was in an unlikely spot last week as its common A shares and common B shares landed among the market’s 30 biggest losers in last week’s trading.

Cebu Air Inc. will be enjoying full incentives for its P5.5-billion refleeting project.

The Board of Investments (BOI) approved the grant of perks to Cebu Air Inc., which carries the trade name Cebu Pacific, saying it will boost local and foreign tourism, aside from providing more alternatives to business travelers.

Rizal Commercial Banking Corp. (RCBC) has asked a Makati court last week to terminate the rehabilitation proceedings of debt-ridden Liberty Telecoms Holdings Inc. (LTHI) and its subsidiaries for failure to implement a court-approved rehab plan.

GLOBE Telecom wants the National Telecommunications Commission (NTC) to recall the consent given to Smart Communications Inc. and Pilipino Telephone Corp. (Piltel) allowing them to offer promo offerings on an off-net arrangement.

SINGAPORE-based Bharath Investments Inc., the arm of Chennai, India-head-quartered Shriram Group, has infused P63 million in fresh capital to Monarch Insurance Co.

No, Ortigas & Co. Ltd. Partnership (OCLP) didn’t name its latest project “Aqua Verde” because its deputy chief operating officer Joey Santos is from De La Salle University and real-estate division general manager Cathy Co is from Ateneo de Manila University.