Philtrust now a universal bank

The Bangko Sentral ng Pilipinas has approved Philippine Trust Co.’s petition to function as a universal bank, which would allow the lender to expand its commercial banking operations. In a statement sent to the Philippine Stock Exchange, Philtrust Bank said the Securities and Exchange Commission has also approved the registration of its amended articles of incorporation. The lender said the shift to being a universal bank gives it the ability to “engage in the business of expanded commercial banking as a universal bank, to carry on the business of a trust company (and) exercise the powers of investment houses." Philtrust Bank was established on October 1916. Earlier this year, the bank tried but failed to take over the larger Philippine Bank of Communications. The bank only managed to acquire 58.53 percent of PBCom, less than the 67 percent required to launch a take over. - GMANews.TV