History

Beginnings

The first logo of Banco de Oro

The second logo of Banco de Oro

On January 2, 1968, Banco de Oro started off as a thrift bank called Acme Savings Bank. It
was considered as the smallest bank in Philippines back then. But in November 1976, the group of
companies called Sy Group owned by Henry Sy acquired Acme and renamed it as Banco de Oro
Savings and Mortgage Bank. Years after, BDO became a commercial bank and had its name
changed to Banco de Oro Commercial Bank. In September 1996, the banks name was changed to
its current name which is Banco de Oro Universal Bank after it became a universal bank. BDO
eventually became involved in insurance services in 1997 and established a subsidiary called BDO
Insurance Brokers. In 1999, BDO expanded its insurance services through partnerships with Zamora
Assurance and Assicurazoni Generali one of the world's largest insurance firms, and Jerneh Asia
Berhad, a member of Malaysia's Kuok Group. Later, BDO partnered up with its insurance affiliates,
which are Generali Pilipinas Life Assurance Company and Generali Pilipinas Insurance Company, in
March 2000.

Mergers and Acquisitions

Dao Heng Bank

On June 15, 2001, BDO merged with Dao Heng Bank's Philippine subsidiary. The merger
caused the expansion of the number of BDO's branches from 108 branches before the merger to
120 after the merger.

Banco Santander Philippines

In August 2003, BDO acquired the local banking unit of Banco Santander and become a
licensed subsidiary of BDO Unibank.

United Overseas Bank Philippines

In late April 2005, United Overseas Bank sold 66 out of its Philippine subsidiary's 67
branches to BDO. All UOB branches completed integration into the BDO network on March 22,
2006, increasing the number of Banco de Oro branches to 220.

Equitable PCI Bank

On August 5, 2005, BDO and an SM subsidiary, SM investments acquired almost 25% of the
Philippines third largest bank, Equitable PCI Bank and 10% of Equitable CardNetwork, the countrys
largest credit card issuers. And for the first time, Banco de Oro shares were listed as a component of
the PSE Composite Index in December 2005. In the following year, BDO together with the SM Group
of Companies proposed a merger to Equitable PCI. For the merger to be fully effective, BDO needed
the consent of the Equitable PCI shareholders representing 67% of the bank.
Banco de Oro president Nestor Tan fully believed that with the merger of BDO and Equitable
PCI Bank, it would result as a market a market leader in money remittance volumes, branch
banking, trust and corporate banking with the combined network of 685 branches located in the
Philippines and abroad. With Equitable PCI and BDO's merging fully realized. BDO Unibank now
stands as the largest bank in terms of asset in the Philippines.

GE Money Bank
BDO bought GE Money Bank on 2009 and it involves the absorption of GE Money Banks 31
branches, 30,000 customers and 38 ATMs nationwide.

Citibank Savings
On November 14, 2013, BDO announced its plan to acquire 99.99 percent of Citibank
Savings Inc. Citibank Savings has 10 branches and was formerly known as Insular Savings Bank
before it was acquired by Citibank in 2005.

Deutsche Bank Philippines

In February 2014, BDO Unibank announced it had signed an agreement to acquire the trust
business of Deutsche Banks branch in Manila.