Small business, big growth: BankCom to further unlock financing for SMEs

Bank of Commerce is eyeing to further boost its lending portfolio to support local businesses following its change of status to a universal bank from a commercial bank.

The banking arm of diversified conglomerate San Miguel Corp. said it is looking to assist the small to medium enterprises (SMEs) in particular to help propel activities driving the country’s economic growth.

BankCom said this is in line with its board’s recent approval on the reallocation of the remaining P940 million from its initial public offering proceeds for lending activities beginning in the fourth quarter of 2022.

SMC president and CEO Ramon Ang said the upgrade of BankCom means there would now be another major player in the banking sector that can help push SMEs and companies pursue their growth and long term goals.

BankCom last week received the formal certificate of authority as a universal bank from the Bangko Sentral ng Pilipinas.

“As a universal bank, BankCom will strengthen its presence in the domestic market and deepen its relationship with clients through a broader range of financial solutions by being able to generate and warehouse interest-bearing assets such as marketable securities, and offer more investment banking products and services,” BankCom president and CEO Michelangelo Aguilar said.