BDO Unibank Bundle
Who Owns BDO Unibank?
Understanding a company's ownership is key to its strategy and accountability. A significant event for the Philippines' largest bank was its acquisition by the SM Group in 1976.
The bank, initially Acme Savings Bank, was renamed Banco de Oro Savings and Mortgage Bank post-acquisition, eventually becoming BDO Unibank, Inc. Headquartered in Mandaluyong, it leads the nation in resources, loans, deposits, and its vast network.
Who owns BDO Unibank?
As of December 31, 2024, BDO Unibank is the Philippines' leading bank, with total resources, customer loans, and deposits at the forefront. Its net income reached ₱82 billion in 2024, a 12% increase from the previous year. With a market capitalization of $13.91 billion USD as of August 2025, the SM Group's substantial ownership anchors BDO's significant market power and operational integration within a major conglomerate. A deeper look into its market position can be found in our BDO Unibank PESTEL Analysis.
Who Founded BDO Unibank?
BDO Unibank's origins trace back to January 2, 1968, when it was established as Acme Savings Bank with just two branches in Metro Manila. While the initial individual founders and their equity stakes are not extensively documented in public records, a significant transformation in ownership occurred in November 1976.
| Founding Name | Acme Savings Bank |
| Founding Date | January 2, 1968 |
| Initial Operations | Two branches in Metro Manila |
| Acquisition Date | November 1976 |
| Acquiring Entity | SM Group |
| Renamed To | Banco de Oro Savings and Mortgage Bank |
Early Operations
Acme Savings Bank commenced operations in 1968 with a modest footprint of two branches. The early years focused on establishing a presence in the growing Metro Manila area.
Key Acquisition
The pivotal moment in the bank's history was its acquisition in November 1976. This event marked a significant change in its ownership and strategic direction.
SM Group's Entry
The SM Group, a prominent conglomerate led by retail magnate Henry Sy, acquired Acme Savings Bank. This acquisition brought substantial resources and a forward-thinking vision to the bank.
Rebranding and Growth
Post-acquisition, the bank was renamed Banco de Oro Savings and Mortgage Bank. This rebranding signaled the SM Group's foundational role and set the stage for future expansion.
Strategic Infusion
The SM Group's investment provided the bank with the capital and strategic guidance necessary for its transformation. This infusion was crucial for its development into a universal bank.
Early Ownership Details
Specifics regarding early ownership agreements, such as vesting schedules or buy-sell clauses before the SM Group's involvement, are not publicly disclosed.
The acquisition of Acme Savings Bank by the SM Group in November 1976 was a defining moment, establishing the conglomerate as the foundational owner and primary backer. This strategic move by the Sy family-led SM Group injected vital capital and a clear vision, propelling the bank, then renamed Banco de Oro Savings and Mortgage Bank, towards its future growth trajectory and eventual evolution into a universal bank. The SM Group's controlling interest laid the groundwork for what would become a major financial institution in the Philippines, as detailed in the Brief History of BDO Unibank.
Founders and Early Ownership
The initial phase of BDO Unibank, as Acme Savings Bank, saw limited public information on individual founders. The most significant ownership transition occurred with the acquisition by the SM Group.
- Acme Savings Bank was founded on January 2, 1968.
- It began with two branches in Metro Manila.
- The SM Group acquired the bank in November 1976.
- Following the acquisition, it was renamed Banco de Oro Savings and Mortgage Bank.
- The SM Group's acquisition provided crucial capital and strategic direction.
- This marked the SM Group as the foundational owner.
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How Has BDO Unibank’s Ownership Changed Over Time?
The ownership structure of BDO Unibank has seen significant shifts, notably its public listing on May 21, 2002, and the pivotal merger with Equitable PCI Bank in May 2007, which solidified its standing as the nation's largest bank. These events have shaped the current BDO Unibank ownership landscape.
| Shareholder | Type | Percentage of Shares |
|---|---|---|
| SM Investments Corporation | Filipino | 38.89% (Common and Preferred) |
| PCD Nominee Corporation (Foreign) | Foreign | 25.45% (Common and Preferred) |
| Sybase Equity Investments Corporation | Filipino | 12.76% (Includes PCD-lodged shares) |
| PCD Nominee Corporation (Filipino) | Filipino | 12.75% (Excludes Sybase Equity Investments Corporation's lodged shares) |
| Multi-Realty Development Corporation | Filipino | 5.94% (Common Shares) |
| BlackRock, Inc. | Institutional | 1.86% (As of July 31, 2025) |
| The Vanguard Group, Inc. | Institutional | 1.83% (As of June 30, 2025) |
SM Investments Corporation maintains a commanding presence as the dominant shareholder, reflecting a strategic integration with the conglomerate's diverse business interests. The BDO Unibank major shareholders list also includes significant holdings by PCD Nominee Corporation, both foreign and Filipino, alongside Sybase Equity Investments Corporation and Multi-Realty Development Corporation. This distribution highlights a broad base of ownership, with institutional investors like BlackRock, Inc. and The Vanguard Group, Inc. also holding notable stakes, contributing to the overall BDO Unibank stock ownership breakdown.
Understanding BDO Unibank's Ownership Structure
The BDO Unibank ownership history reveals a concentration of control with the SM Group. This structure influences the bank's strategic direction and operations.
- SM Investments Corporation holds the largest stake, indicating a BDO Unibank controlling interest.
- The presence of multiple PCD Nominee Corporation holdings suggests diverse beneficial ownership.
- Institutional investors like BlackRock and Vanguard contribute to the bank's global investor profile.
- Understanding who owns BDO Unibank is crucial for analyzing its corporate governance.
- The SM Investments Corporation ownership percentage in BDO underscores its role as the BDO Unibank parent company.
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Who Sits on BDO Unibank’s Board?
The Board of Directors for BDO Unibank, Inc. is structured with a blend of executive, non-executive, and independent members. Teresita T. Sy chairs the board as a Non-Executive Director, representing the significant interests of SM Investments Corporation. Nestor V. Tan serves as the President and CEO, also holding an Executive Director position.
| Director Name | Position | Director Type |
|---|---|---|
| Teresita T. Sy | Chairperson | Non-Executive Director |
| Nestor V. Tan | President and CEO | Executive Director |
| Estela P. Bernabe | Lead Independent Director | Independent Director |
| George T. Barcelon | Director | Independent Director |
| Vipul Bhagat | Director | Independent Director |
| Franklin M. Drilon | Director | Independent Director |
| Alfredo E. Pascual | Director | Independent Director |
| Vicente S. Pérez, Jr. | Director | Independent Director |
| Jones M. Castro, Jr. | Director | Non-Executive Director |
| Dioscoro I. Ramos | Director | Non-Executive Director |
| Josefina N. Tan | Director | Non-Executive Director |
BDO Unibank adheres to a one-share-one-vote principle for its common shares, a standard practice in its corporate governance. This framework empowers shareholders, including minority investors, with the ability to propose agenda items for consideration. Furthermore, stockholders holding at least one-third (1/3) of the subscribed common stock can initiate special meetings. While there haven't been recent public reports of proxy battles or activist investor campaigns, the substantial ownership stake held by the Sy family, primarily through SM Investments Corporation, grants them considerable influence over the bank's strategic direction and overall governance, ensuring alignment with the broader objectives of the SM Group. Understanding the Revenue Streams & Business Model of BDO Unibank is key to appreciating the influence of its major shareholders.
BDO Unibank Ownership and Voting Power
The voting power at BDO Unibank is primarily concentrated with its largest shareholder, SM Investments Corporation, which is controlled by the Sy family. This structure ensures significant influence over corporate decisions.
- SM Investments Corporation, representing the Sy family, holds substantial voting power.
- The bank operates on a one-share-one-vote principle for common shares.
- Minority shareholders have rights to propose agenda items and call special meetings.
- The board composition reflects a balance between executive, non-executive, and independent directors.
- The Sy family's influence ensures strategic alignment with the broader SM Group.
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What Recent Changes Have Shaped BDO Unibank’s Ownership Landscape?
In recent years, BDO Unibank has shown strong financial results and strategic growth. The bank achieved a record net income of ₱82 billion in 2024, marking a 12% increase from the previous year. This performance was bolstered by its core business operations and strategic expansions.
| Financial Metric | 2023 | 2024 | Change |
| Net Income | ₱73.2 billion | ₱82 billion | +12% |
| Shareholders' Equity | N/A | Increased by 11% | N/A |
| Book Value Per Share | N/A | ₱107.83 | N/A |
| Gross Customer Loans | N/A | Expanded by 13% | N/A |
The bank's financial health continues to improve, with a 6.5% rise in net income for the first quarter of 2025. Shareholders' equity grew by 11% in 2024, and the book value per share reached ₱107.83. In July 2024, BDO Unibank successfully issued its third ASEAN Sustainability Bond, raising ₱55.7 billion to support sustainable development initiatives. A significant acquisition in December 2023 was SM Keppel Land, enhancing the bank's property development and management capabilities. Alfredo E. Pascual joined the board as an Independent Director on August 31, 2024. Industry trends indicate a rise in institutional ownership, with major global asset managers like BlackRock, Inc. and The Vanguard Group, Inc. holding substantial stakes, signaling increasing international investor confidence. There have been no official announcements regarding privatization plans or major future ownership changes.
Key Financial Milestones
BDO Unibank reported a record net income of ₱82 billion in 2024. The bank's first-quarter net income in 2025 saw a 6.5% increase.
Strategic Growth Initiatives
The bank raised ₱55.7 billion through its third ASEAN Sustainability Bond in July 2024. The acquisition of SM Keppel Land in December 2023 bolstered its property services.
Ownership Trends and Institutional Investment
Institutional ownership is on the rise, with significant holdings by global asset managers. This reflects growing international investor confidence in BDO Unibank's stability and growth prospects.
Board and Governance Updates
Alfredo E. Pascual was appointed as an Independent Director on August 31, 2024. These appointments are part of the bank's ongoing commitment to strong corporate governance.
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