Allied Banking Corporation was one of the largest banks in the Philippines. On February 9, 2013, the bank was merged with Philippine National Bank, creating the fourth largest private domestic bank in the Philippines.
History
As a spinoff from the acquisition of the insolvent General Bank and Trust for a pittance,[1] Allied Bank was incorporated under the laws of the Republic of the Philippines on April 11, 1977, and granted by the Central Bank of the Philippines the Certificate of Authority to operate as a commercial bank on May 20, 1977. It formally opened for business on June 2, 1977. On August 19, 1977, it was authorized to operate an expanded foreign currency deposit unit (FCDU) and in December 1981 granted to operate as expanded commercial bank or universal bank. As of December 31, 2007, Allied Bank was the 9th largest private domestic commercial bank in the country in terms of total deposits, and the 10th largest in terms of net worth.
Aside from its 288 domestic branches/offices, Allied Bank had two off-shore (OBU) branches in Bahrain and Guam; a wholly owned subsidiary in the United Kingdom (Allied Bank (UK) Plc); a majority-owned subsidiary in Hong Kong (Allied Banking Corporation (Hong Kong), Ltd.); a majority-owned commercial bank subsidiary in Xiamen, China (Allied Commercial Bank), and an affiliate commercial bank based in San Francisco, California, United States with a branch in Guam (Oceanic Bank).