Finance Asia names BDO, Citi as best banks in Phl
Thursday, June 21, 2012
Source: The Philippine Star By Ted P. Torres
MANILA, Philippines - BDO Unibank Inc and Citi were cited as the best banks in the Philippines in the latest regional report by leading business publication FinanceAsia.
Hong Kong-based FinanceAsia’s annual country awards for achievement recognized the banking institutions in each country in the region. “Our annual look at the best financial services firms in each country around the region has produced the list of top domestic and foreign houses,” it said.
Sy-controlled BDO was named the best domestic bank as well as the best foreign exchange bank while Citi won in the foreign commercial bank category.
Adding to BDO’s accolade is unit BDO Capital Corp., which earned the top rating for investment banking and bond issuance, while UBS bagged the award for best foreign investment bank.
Meanwhile, First Metro Investment Corp. (FMIC) of the Metrobank Group took the best equity house title while Maybank ATR KimEng was acknowledged the best broker.
BDO president and chief executive Nestor V. Tan earlier said they expect 2012 to be characterized by moderate loan growth but strong growth in deposits that will “feed our loans, sustain growth in fee-based income, and normalize provisioning levels.”
The country’s biggest bank posted a net income of P10.5 billion in 2011, up 19 percent from the P8.8 billion recorded in 2010. It remains the largest Philippine bank in terms of total resources at P1.1 trillion.
Its loan portfolio expanded 24 percent to P670 billion last year “by focusing on creditworthy borrowers in fast-growing industry sectors.”
Meanwhile, US financial giant Citi was also named best foreign commercial bank in Thailand and Indonesia.
Bank Mandiri was best domestic bank and best foreign exchange bank while Mandiri Sekuritas was the best investment bank and best equity house. Credit Suisse was cited best foreign investment bank.
In Malaysia, FinanceAsia said CIMB was a runaway winner as it bagged the best investment bank, best bond house, best equity house, best broker and best foreign exchange bank awards. HSBC was named best foreign commercial bank while Goldman Sachs was best foreign investment bank.
Incidentally, CIMB recently acquired from the San Miguel Group a controlling stake in the Bank of Commerce.
The best local bank and the best foreign exchange bank title went to the Siam Commercial Bank in Thailand. Maybank KimEng was named best broker while Morgan Stanley was best foreign investment bank.
In Singapore, DBS Bank was named best bank, best investment bank, best bond house, best equity house and best foreign exchange bank.
Standard Chartered Bank was named best foreign commercial bank while Bank of America Merrill Lynch was best foreign investment bank.