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Bank of the Philippine Islands Free Essays

BANK OF THE PHILIPPINE ISLANDS Bank of the Philippine Islands (BPI) is that country’s second-largest bank, trailing only Metropolitan Bank ; Trust. It is also the Philippines’ oldest bank and one of the oldest of all Asian banks. BPI offers a full range of commercial and retail financial services, including corporate finance services, asset management, and brokerage and other financial consulting services. We will write a custom essay sample on Bank of the Philippine Islands or any similar topic only for you Order Now BPI’s retail network includes more than 700 branches throughout the Philippines, as well as branches in New York, Hong Kong, and Tokyo. The bank also operates a network of more than 1,200 automated teller machines and more than 8,500 retailer-based point-of-sale machines. In 1999, BPI pioneered online banking in the Philippines with the launch of online bank BPI Direct in 1999. In addition to its banking products and services, BPI has also developed a strong non-life insurance operation, chiefly under subsidiary BPI/MS Insurance Corporation. Listed on the Philippines Stock Exchange, BPI has long been majority controlled by Philippines conglomerate Ayala Corporation. * leader in electronic banking, having introduced most of the firsts in the industry, such as: * automated teller machines (ATMs), * a point-of-sale debit system * kiosk banking * phone banking internet banking * mobile banking * owned by the Ayala Corporation Business Evolution * post World War II era, BPI evolved from a purely commercial bank to a fully diversified universal bank * accomplished mainly through mergers and acquisitions in the eighties when it absorbed an investment house, a stockbrokerage company, a leasing company, a savings bank, and a retail finance company * Since the late 1990s – consummated three bank mergers * 1996 – merged with City Trust Banking Corporatio n 2000 * consummated the biggest merger then in the banking industry when it merged with the former Far East Bank ; Trust Company (FEBTC) * formalized its acquisition of three major insurance companies in the life, non-life and reinsurance fields * 2005 – acquired and merged with Prudential Bank MERGERS April 2007 – Bank of the Philippine Islands (Europe) Plc * October 2008 – BPI, Ayala Corporation and Globe Telecom signed a Memorandum of Agreement to form the country’s first mobile microfinance bank * 2009 – entered into a strategic bancassurance partnership with The Philippine American Life Insurance Company (Philamlife) to form BPI-Philam Life Assurance Corp Principal Subsidiaries * BPI Family Savings Bank, Inc. * BPI Capital Corporation * BPI Leasing Corporation * BPI Direct Savings Bank * BPI International Finance Limited, Hong Kong BPI Express Remittance Corporation * Bank of the Philippine Island (Europe) Plc, * Ayala Plans, Inc. * BPI/MS1 I nsurance Corporation Reasons Of merger * Jaime Augusto Zobel de Ayala, BPI’s Chairman, said the purchase would further â€Å"enhance† the operations of BPI with increased or widened network. * New incentive package by BSP with respect to mergers and acquisitions * BPI has been on the lookout for some good acquisitions in order to bolster its position as a rising regional financial powerhouse. The merger is seen to offer a good strategic fit to BPI in penetrating the attractive customer segment of Prudential composed mostly of middle market entrepreneurs. * With the merger, BPI will solidify its position as the country’s second largest bank with combined assets totaling P456. 09 billion. * BPI expects to gain at least 200,000 new accounts with the acquisition. BPI and FAR EAST BANK TRUST COMPANY MERGER The majority stockholders of the Bank of Philippine Islands (BPI) and Far East Bank and Trust Co. FEBTC) approved the merger of the two banks, making the combined entity the 10th largest financial institution in the region with over $3. 5 billion in capital. The merger catapulted BPI/FEBTC as the country’s largest bank, accounting for 14 percent of the entire banking industry’s total resources with combined  assets of P372. 4 billion. The merged institution will also have the largest branch network of 680. BPI president Xavier Loinaz, in an interview, said they expect the integration of the two banks to be firmed up by the end of March this year. We think that by end of March this year, they (merger process) would be falling into place,† Loinaz said, when asked about the merger timetable. FEBTC president Octavio Espiritu assured FEBTC employees that they will work out ways to thresh out remaining issues regarding the merger particularly the possible massive displacement of FEBTC personnel. While they are finalizing the integration, both Loinaz and Espiritu said the performance of their respective banks in 1999 was relati vely â€Å"flat†. â€Å"We haven’t seen any growth for the year, pretty much the same level as last year. Loans are flat for 1999,† Loinaz said, adding that BPI’s bottomline was also â€Å"flat†. The same thing with FEBTC, Espiritu said the bank’s income was down due to loans provisioning amounting to about P2 billion for the year. This year, Loinaz said they are still waiting for the economy to turn around. â€Å"Last year was quite disappointing. We showed a slight drop in (bottomline) the previous year,† he added. Loinaz said they do not expect â€Å"too much† from the first year of merger of BPI and FEBTC. But, he informed the stockholder that for 2000, the pro-forma projected earnings per share for the merged bank would be 5. 37 percent, 6. 31 percent in 2001 and 6. 79 percent in 2001. Based on BPI’s closing price on Oct. 20, 1999, the day that the merger agreement was signed and announced, the exchange ratio represented an implied value of P82. 50 per FEBTC share or an implied premium of 18 percent to FEBTC’s closing price on that day. According to Loinaz, they look forward to working with DBS Bank which now owns about 20 percent of the merged bank. DBS Bank is the second largest bank in the region. How to cite Bank of the Philippine Islands, Essay examples

Spiders Essay Research Paper Spiders are very free essay sample

Spiders Essay, Research Paper Spiders are really alone animate beings that are a common species of arthropods. They have eight walking legs, extremities that carry and inject toxicant, and a 2nd brace of extremities that for males contains specialised generative variety meats. Most spiders live on land but a few species live underwater by pin downing air in bubbles and by taking the bubble with them underwater. Most spiders are no bigger that one centimetre in length but the biggest has a organic structure that is nine centimetres long. The spider # 8217 ; s organic structure is divided into two parts called the cephalothorax and the venters. The cephalothorax is found at the head-end of the organic structure while the venters forms the remainder of the organic structure. These two parts do non travel straight together but a pedicle, which is a narrow chaff that provides flexibleness separates them. Every spider has two braces of extremities with one brace incorporating two chelicerae and the other incorporating two Pedipalpi. We will write a custom essay sample on Spiders Essay Research Paper Spiders are very or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The chelicerae are used as tweezers to capture nutrient and are used to shoot the toxicant that a spider produces into the spider # 8217 ; s quarry. The chelicerae have Fangs connected to a toxicant secretory organ that holds the spider # 8217 ; s toxicant. The Pedipalpi are used to experience about and sense things and in male spiders have a palpal organ used in reproduction. The venters contains the spinnerets that spin the silk into yarn so it can be used to do webs leting the spider to capture nutrient. Although some spiders that are larger do non necessitate webs because they hunt for their ain nutrient. The venters besides contains the respiratory gaps which spiders use to take a breath by taking air into the book lungs. To eat their nutrient, spiders release a digestive enzyme that liquefies the internal variety meats of a spider’s quarry. After liquefying the internal variety meats of the quarry, the spider sucks out all of the fluid from inside the prey’s organic structure. Spiders feed on other animate beings and normally go about it by seize with teething their quarry and shooting toxicant into it. Most spiders can non capture anything bigger than themselves but if other animate beings attack them, the spiders use their toxicant as a defence mechanism. Merely a few spiders in the universe are harmful to worlds and in North America, the black widow and brown hermit are the lone two people have to worry approximately. All spiders spin silk and utilize it in a assortment of ways. The most common usage of this silk is to do webs used to capture quarries like insects. A spider # 8217 ; s silk is much stronger than steel and its ability to stretch prevents the web from interrupting easy. Some spiders use their silk to line tunnels underground and babe spiders use silk as a parachute and drift off after they are born. Spiders are really good to worlds because most eat insects and other little animate beings that humans consider as plagues. Most worlds do non like spiders because they hide in dark topographic points and most spiders are non appealing to a human # 8217 ; s oculus. Some people besides do non wish them because a few species of spiders can be harmful but really few can kill or harm worlds. Plants Cited 1. Microsoft Encarta Encyclopedia. # 8220 ; Spider # 8221 ; 1993-1996 Microsoft Corporation. 2. hypertext transfer protocol: //www.conservation.state.mo.us/nathis/arthopo/mospider/facts.htm 3. hypertext transfer protocol: //www.ag.ohio-state.edu/ ohioline/hyg-fact/2000/2060.html 4. hypertext transfer protocol