The Bank of Commerce (BoC) is looking to secure a license to upgrade its status to a universal bank within the year, the bank said in a statement.
The BoC said it is eyeing to obtain its universal bank status this year from its current commercial banking license as part of its strategy to expand services and “fortify its presence in the domestic market”.
At present, there are 21 banks in the Philippines operating with a universal bank license.
With a universal bank license, the BoC will be able to participate in upcoming debt and equity capital fund-raising.
BoC President and CEO Roberto C. Benares said the bank will have to beef up its capital soon, adding that they see the need to get bigger, stronger and better in the face of regional banking integration, along with the rigid competition that they expect from the regional integration.
“A unibank status will afford us the flexibility we need to expand our services and grow our presence here to achieve scale,” Benares said.
He added that they expect the private sector to raise funds in the coming years to finance capital expenditure in infrastructure and capacity expansion on the back of a fast-growing Philippine economy.
Benares expressed confidence that the BoC can compete against bigger or potential new entrants from the region, and that the BoC can benefit from a regional market of some 600 million potential customers.