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Bank of Commerce now a Universal Bank Certified

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Banking is the system that handles all financial transactions. Several types of banking that provide different types of facilities, Universal and Commercial Banking, are also two types of banking that have their functions and roles. Universal Banking is much broader, with more functions than Commercial Banking.

The main difference between both Bankings is that Universal Banking facilitates the functions of more than one type of bank and provides facilities of commercial banking and Investment Banking. Also, services like insurance are provided by Universal Banking, whereas the facilities provided by Commercial Banking are limited, which mainly include accepting the public deposits and lending them loans along with some other general functions.

As of January 6, 2022, Bank of Commerce, headed by Ramon S. Ang is now a certified Universal Bank as they have obtained the universal banking license from Bangko Sentral ng Pilipinas (BSP).

Bank of Commerce, also known as BankCom, is one of the country’s commercial banks and is licensed by the Bangko Sentral ng Pilipinas (BSP). Bank of Commerce is an affiliate of San Miguel Corporation (SMC). Bank of Commerce has a network of 140 Branches and 260 Automated Teller Machines (ATMs) located nationwide, as of December 31, 2020.

“Yesterday, we formally received for our Bank of Commerce its universal banking license from the Banko Sentral ng Pilipinas (BSP). What this means is that it can now step up much-needed support to our country’s SMEs given the bank’s stronger capital position, while offering expanded services to other clients. Micro and small enterprises create the most jobs, provide a lifeline to vulnerable communities and serve as incubators for future sustainable businesses. They keep our economy moving. But they need help to get them through this difficult period,” said Ang on Facebook.

Furthermore, the license will give the Bank of Commerce a bigger opportunity to contribute for the country’s pivot to the new normal during this health crisis.

“This upgrade for our bank means one more major player in the banking industry helping ensure that we all come out on the other side of this crisis stronger. Thank you to BSP Governor Ben Diokno and the rest of the Monetary Board for your strong leadership and support in these challenging times. Together we can recover and rebuild from this crisis,” Ang added.

Universal Banking is a kind of banking system which provides facilities of more than one type of banking. For example, it provides all the facilities of commercial banking and the facilities of investment banking along with some additional services such as insurance. Therefore it is a type of banking under which different kinds of banking facilities are provided.

*Image from Ramon S. Ang Facebook

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Metropoler is a social media-centric news website in the Philippines that covers the intersection of financial, business, media, tech, science, tourism, food, entertainment, art, politics, and culture launched on June 1, 2020.
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