BDO Unibank has once again been named the Philippines' best bank by Hong Kong-based financial publication Finance Asia.
At the recently concluded Finance Asia Country Awards for Achievement 2017, Finance Asia attributed the recognition to BDO's stellar financial performance in 2016, as well as the aggressive expansion of its branch network and Automated Teller Machine (ATM) presence all over the country.
"Our best bank in the Philippines this year is BDO Unibank, which delivered record 2016 earnings on the back of strong results from its core businesses," said Finance Asia, which has given the award to the Bank numerous times in the past.
"BDO continued its branch build-out to broaden customer reach in underserved areas. BDO's network now includes more than 1,100 branches and over 3,600 ATMs. Most of its branch openings were outside Metro Manila as the bank is now targeting fast growing secondary and tertiary cities," it said.
In 2016, BDO posted a record net income of P26.1 billion -- in line with its earnings guidance -- from P25 billion in 2015.
Finance Asia also recognized two of the bank's subsidiaries -- BDO Private Bank and BDO Capital & Investment Corporation -- as the Best Private Bank, and Best Investment Bank and Best Equity Capital Markets House, respectively.
"BDO Private Bank is the only onshore private banking-focused institution offering companies comparable services to offshore private banks," the Hong Kong-based publication said.
BDO Private Bank is solely focused on giving comprehensive wealth management services to the country's high net worth and affluent markets.
Finance Asia, meanwhile, cited the initiatives undertaken by BDO Capital, the investment banking arm of BDO Unibank, the past year.
These include acting as the buyside financial advisor to Far Eastern University on the acquisition of Roosevelt College for P1 billion; serving as the sole domestic lead underwriter for Cemex Holdings Philippines's P25.1-billion initial public offering; and also as the joint lead underwriter on GT Capital's P12-billion preferred shares issue. (PR)