Bdo Unibank Essay

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Company Profile BDO Unibank, Inc. commonly known as Banco de Oro and BDO, is the largest bank in the Philippines. It belongs to the SM Group of Companies, one of the country’s largest conglomerates owned by tycoon Henry Sy. BDO had its humble beginnings on January 2, 1968, when it started off as thrift bank called Acme Savings Bank which was one of the smallest banks in the Philippines with two branches in Metro Manila at the time. In November 1976, Acme was acquired by the Sy Group and renamed Banco de Oro Savings and Mortgage Bank. In December 1994, BDO became a commercial bank. To reflect the bank’s new status, BDO was renamed Banco de Oro Commercial Bank, and in September 1996, BDO became a universal bank, which led to the bank’s name being changed to the current Banco de Oro Universal Bank. Being a commercial bank, International Trade was launched as a product of the bank to help the import and export business in the Philippines and it was handled by International Banking Unit/Trade Services Department. International Trade is the lifeblood of any nation. It involves purchase of goods between the buyer and a seller situated in countries with different currencies, trade policies, customs and practices. The process of International Trade use banks to act as the financial intermediary tasked to protect the interest of the parties involved. The buyer would like to be assured that what they have paid for is what they have ordered, while seller having parted with their goods would to be assured that they are paid promptly. In every country, International Trade Operations are subject to special regulations and restrictions which are intended to ensure the stability of national banking systems, to provide national authorities with effective instrument for economic management, or generally to encourage thrift and other social virtues. Research
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