BSP awards universal bank status to Bank of Commerce

Bank of Commerce is well-positioned to further grow its presence in the banking sector with the upgrade of its license from a regular commercial bank to a universal bank.

The banking arm of diversified conglomerate San Miguel Corp., led by its president Michelangelo Aguilar and chairman Francis Chua, officially received its universal bank certificate from the Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas.

Also present during BankCom’s milestone event were BSP Governor Felipe Medalla, Monetary Board member Antonio Abacan, BSP deputy governor Churchi Fonacier and BankCom board adviser Jose T. Pardo.

The expanded banking license will allow BankCom to unlock cross sell opportunities as it seeks to expand its revenue streams.