San Miguel president Ramon S. Ang today said that he has
three strategic priorities for Bank of Commerce, namely
aligning the banks operations to reflect a new commercial
strategy of servicing SMC clients and business partners;
growing the bank’s current base of customers; and,
strengthening the bank’s capital position.
San Miguel, through its property arm, San Miguel
Properties, Inc., and SMC’s retirement fund secured a
controlling 51% stake in the Bank of Commerce following an
additional P2 billion in equity infusion completed in May.
Since acquiring a stake in BoC in 2008, San Miguel has
worked with the bank’s management to provide SMC
banking services such as cash management and payroll
servicing. BoC currently finances the working capital
requirements of dealers and suppliers of SMC.
“There are a lot more banking services that the Bank of
Commerce can provide San Miguel, but we need to invest
and upgrade the bank’s IT systems, management capability
and branch locations to make the bank more responsive
and compatible to our business needs,” says Ang.
“As one of the nation’s leading medium-sized banks, we
will continue to provide our customers the strength,
convenience and financial stability they’ve come to expect
from BoC,” he continues, adding “The San Miguel name
ensures financial strength and the ability to grow,
enhancing BoC’s ability to weather volatile markets while it
vigorously competes in the banking industry.”
Ang sees opportunities to work cooperatively with other
businesses. For instance, he says “We see potential
projects we can pursue with Petron. There’s a fit between
retail banking and Petron’s retail network of over 1500
service stations.”
Source: www.pse.com.ph
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