The Philippine Savings Bank (also known in

Hokkien Hokkien ( , ) is a Varieties of Chinese, variety of the Southern Min group of Chinese language, Chinese languages. Native to and originating from the Minnan region in the southeastern part of Fujian in southeastern China, it is also referred ...

; &

Mandarin Mandarin or The Mandarin may refer to: Language * Mandarin Chinese, branch of Chinese originally spoken in northern parts of the country ** Standard Chinese or Modern Standard Mandarin, the official language of China ** Taiwanese Mandarin, Stand ...

) (shortened as PSBank or abbreviated as PSB) is a

savings bank A savings bank is a financial institution that is not run on a profit-maximizing basis, and whose original or primary purpose is collecting deposits on savings accounts that are invested on a low-risk basis and receive interest. Savings banks ha ...

based in the

Philippines The Philippines, officially the Republic of the Philippines, is an Archipelagic state, archipelagic country in Southeast Asia. Located in the western Pacific Ocean, it consists of List of islands of the Philippines, 7,641 islands, with a tot ...

. It is a subsidiary of Metrobank and is the 2nd-largest savings bank in the Philippines after BPI Family Savings Bank.

Subsidiaries and affiliates

PSBank is a subsidiary of Metrobank, and as such is affiliated with it. PSBank is also affiliated with Toyota Financial Services Philippines Corporation (TFSPC), where it currently has a 25% stake.

Ownership

Metropolitan Bank and Trust Company The Metropolitan Bank & Trust Company (Hokkien ), trading as Metrobank, is a Filipino bank that , was the third largest bank in the Philippines in terms of total assets. It offers various financial services, from regular banking to insurance. I ...

: 75.98% *PCD Nominee Corporation: 5.86% *Danilo L. Dolor (son of Doña Soledad Dolor): 5.04% *Erlinda L. Dolor: 2.95% *Ma. Soledad S. de Leon: 1.67% *Public stock: 4.01%

Competition

PSBank competes with other savings banks, such as BPI Family Savings Bank and RCBC Savings Bank. The bank is also competing against multinational savings bank such as Citibank Savings and HSBC Savings. However, since PSBank is considered a major bank, it also competes with bigger financial institutions. It does not, however, aggressively compete with parent company Metrobank.

Controversies

Impeachment of Renato Corona

In February 2012, PSBank officials were about to receive a

subpoena A subpoena (; also subpœna, supenna or subpena) or witness summons is a writ issued by a government agency, most often a court, to compel testimony by a witness or production of evidence under a penalty for failure. There are two common types of ...

request in connection with the

Impeachment of Renato Corona Renato Corona, the 23rd chief justice of the Supreme Court of the Philippines, was impeached on December 12, 2011. Corona was the third official, after former President Joseph Estrada in 2000 and Ombudsman Merceditas Gutierrez in March 2011, to ...

due to the allegations of a secret US$ account under the name of

Renato Corona Renato Tereso Antonio Coronado Corona (October 15, 1948 – April 29, 2016) was a Filipino judge who was the 23rd Chief Justice of the Supreme Court of the Philippines from 2010 to 2012. He served as an associate justice after being appointe ...

. The PSBank executives were also asked to bring consumer identification and specimen signature card(s) of the bank account(s) under Corona's name which won 1 million in the PSBank Monthly Millions Raffle Promo.

Pork barrel case

During the senate investigations involving the

Priority Development Assistance Fund scam The Priority Development Assistance Fund scam, also called the PDAF scam or the pork barrel scam, was a political scandal involving the alleged misuse by several members of the Congress of the Philippines of their Priority Development Assistanc ...

, also known as the pork barrel scam, PSBank was one of the domestic banks included in the senate inquiry about the bank accounts of the whistleblowers. Moreover, the bank was included as one of the banks from which Senator Ramon Revilla Jr. and his family, as well as those of Janet Lim-Napoles and her pseudo-

NGO A non-governmental organization (NGO) is an independent, typically nonprofit organization that operates outside government control, though it may get a significant percentage of its funding from government or corporate sources. NGOs often focus ...

s, have utilized to launder the controversial "pork barrel" funds.

References

External links

* * {{Banks of the Philippines Banks of the Philippines Companies listed on the Philippine Stock Exchange Companies based in Makati