BDO retains Best Bank standing
BDO Unibank, Inc. once again bested other banks in the country, as it received numerous recognitions including the much coveted Best Bank in the Philippines award from financial publications Finance Asia and Alpha Southeast Asia.
BDO, the country’s largest bank, was named the country’s Best Bank in the recently concluded “Country Awards for Achievement 2018” by Hong Kong-based Finance Asia. The Bank has consistently won such award since 2010. Its subsidiary, BDO Private Bank, meanwhile, also remained unbeatable in the Best Private Bank category, having won the award since 2008.
“The competition was extremely tight this year, with numerous financial institutions proving their resilience in a difficult regulatory and banking environment,” Finance Asia said in the announcement of winners.
Meanwhile, BDO also swept several awards for the Philippines category at the 12th Annual Best Financial Inclusion Awards in Southeast Asia by Alpha Southeast Asia. These include the Best Bank, the “Best Cash Management Bank,” the “Best Investment Bank” (BDO Capital and Investment Corp.) and the “Best Private Wealth Management” (BDO Private Bank). The awards period covered deals and transaction volumes from June 2017 to May 2018.
“Thanks to its resilient operations showing strong growth driven primarily by its core businesses, BDO Unibank is today the best banking partner in the Philippines. It has achieved niche, market leadership across a number of important business lines on a strengthened business franchise, and this has led to an increase in the bank’s overall market share,” Alpha Southeast Asia said in a statement. BDO’s win was also anchored on its top tier return on assets, cost-to-income ratio, very low non-performing loans (NPL) ratio and high NPL reserve cover.
Meantime, in bagging the Best Cash Management Award, Alpha Southeast Asia, said BDO’s innovative solutions which meet clients’ needs enabled the Bank to maintain its edge over other banks.
“The bank has also successfully changed the way corporate payroll is handled today, from the traditional cash stuffing and manual distribution to the electronically driven file upload and automatic crediting to the card for easy and efficient end-user utilization. “
Also consistent awardees were BDO Capital and Investment Corp. which has won the “Best Investment Bank” award for 11 out of the last 12 consecutive years and BDO Private Bank, which bagged the “Best Private Wealth Management” award for the 11th consecutive year.
“It makes us equally proud and happy to be consistently recognized for our efforts. In return, we commit to continue doing our best to be the best bank for our customers,” said BDO president and CEO Nestor V. Tan.