One Network Bank (commonly known as ONB) is the largest rural bank in the Philippines based in Davao City. Established in 2004 through the consolidation of Network Rural Bank of Davao del Sur, the Rural Bank of Panabo of Davao del Norte and the Provident Rural Bank of Cotabato, ONB is the largest rural bank in the Philippines in terms of assets, with a network of 96 branches in Mindanao, 1 branch in Makati City and province of Iloilo (including Iloilo City) and a fleet of 135 ATMs throughout the provinces of Mindanao, including seventeen localities where it is the sole provider of financial services.
It is the first rural bank in the Philippines to receive the nod of the Philippine Clearing House Corporation (PCHC) to establish a checking account, as well as to have its cheques cleared directly by the PCHC, instead of an intermediary bank. It is also an equity member of MegaLink (now a BancNet member), one of the first banks in Mindanao to join an interbank network.
In December 2014, the bank was acquired by Banco de Oro.
July 2015: Banco de Oro has completed the takeover of the largest rural bank in the Philippines. .
Video One Network Bank
Corporate history
One Network Rural Bank is a consolidation of three rural banks in the country. The union embodied over 30 years of experience and expertise in rural banking that was further established by the performance of the individual banks in terms of growth, solvency and profitability.
Before the historic consolidation which formed the biggest rural bank in the country with the widest private banking network in Mindanao, there were three partner rural banks -- Rural Bank of Panabo, Inc., Network Rural Bank, Inc. and Provident Rural Bank of Cotabato, Inc.
- Rural Bank of Panabo, Inc. (RB Panabo)
RB Panabo has been servicing Davao Province since 1967. While it was the component bank with the fewest branches, it provided technical and logistical support to its partner banks. Many of the banking systems and procedures used by its partner banks came from RB Panabo.
RB Panabo received its authority to operate from the Bangko Sentral ng Pilipinas on February 11, 1967. Founded by Dr. Luis A. Buenaventura, Jr., the Bank started as a small company with a simple premise; to bring quality financial services to the community, delivered with warm human touch. It was in 1980 that RB Panabo saw the start of its rise to prominence in the rural banking industry with the induction of Alex V. Buenaventura as President of the bank. RB Panabo was a recipient of many prestigious awards from various finance industry groups and was consistently listed among PDIC's Top Ten in terms of net income.
- Network Rural Bank, Inc. (NB)
Originally the Rural Bank of Davao City and operating four branches across Davao City, it was merged in 1993 with 5 other rural banks -- Community Rural Bank of San Isidro (Davao Oriental), Rural Bank of Governor Generoso (Davao Oriental), Rural Bank of Pantukan (Compostela Valley), Rural Bank of Bayugan (Agusan del Sur) and Rural Bank of Kalamansig (Sultan Kudarat) - and renamed as Network Rural Bank.
RB Panabo's success was such that also in 1993, Network Rural Bank, Inc. asked Alex V. Buenaventura of RB Panabo to take over its helm. Mr. Buenaventura's acceptance brought his leadership and rural banking experience into Network Bank. This move was the start of a long-standing partnership between the two rural banks.
In its 11 years of existence, Network Bank became a giant in the Philippine rural banking industry. From 9 branches in 1993, NB expanded to 33 branches in Mindanao.
The cooperation between Network Bank and RB Panabo did much to enhance both financial institutions and maximize client's benefits. Shared policy formulation brought out the best of both banks and created a "two banks, one system" framework.
The ties between the two banks even went so far as to spur the creation of another strong financial institution, what may be called the offspring of the RB Panabo and Network Bank.
- Provident Rural Bank of Cotabato (ProBank)
In 1996, Network Bank and a group of Cotabato investors, led by the Diocese of Kidapawan, acquired a rural bank in Central Mindanao called the Community Rural Bank of Matalam. Re-launched under a new name, Provident Rural Bank of Cotabato (Probank), a known Cotabato banker, Elpidio F. Masbad III, took over the reins as president of Probank.
From total assets of P5 million with P3 million owed to BSP, ProBank grew to a P 235 million bank with 7 branches in its 7-year run. The rapid turnaround can be attributed to aggressive marketing campaigns as well as logistic and systems support from Network Bank.
With a strong third partner in place, the basis for cooperation was set and the "three banks, one system" approach was formed.
- The Network Rural Banking Group (NRBG)
Working in parallel with similar systems was however not enough for the three rural banks. In 1996, RB Panabo and Network Bank entered a "mutual purchase" or stock swap arrangement. With Network Bank owning 49% of ProBank, the stockswap arrangement brought the three banks closer. This paved the way for the conception of The Network Rural Banking Group (NRBG).
The Network Rural Banking Group was created in 1998 when Network Bank, RB Panabo and ProBank resolved to operate as a single unit with joint policy formulation made possible through a common Executive Committee and synchronized systems and procedures. Sharing common central office services such as human resource development, legal services, treasury, product development, information technology, internal audit and appraisal, in effect, contributed to the rapid growth of the partner banks.
Maps One Network Bank
The Consolidation
After 8 years of working closely together, the partner banks decided to consolidate, allowing the Bank to take advantage of economies of scale, avail of incentives from the Bangko Sentral ng Pilipinas and bring better banking services to countryside Mindanao, given a bigger capital base and increased Single Borrowers Limit (SBL).
June 18, 2003 - Bangko Sentral ng Pilipinas (BSP) accepts the application for consolidation of three partner rural banks -- Rural Bank of Panabo, Inc., Network Rural Bank, Inc. and Provident Rural Bank of Cotabato, Inc.
July 18, 2003 - Philippine Deposit Insurance Corporation (PDIC) approves the consolidation of the three rural banks.
December 22, 2003 - The Monetary Board, through resolution no. 1865 approved the consolidation and formation of the biggest rural bank in the country, One Network Bank.
January 2, 2004 - One Network Bank receives the notice of approval with incentives from the Bangko Sentral ng Pilipinas from BSP Governor Rafael Buenaventura.
March 14, 2004 - Thanksgiving Celebration and Launching held at The Venue in Davao City to officially launch the union of Rural Bank of Panabo, Inc., Network Rural Bank, Inc. and Provident Rural Bank of Cotabato, Inc. and celebrate the birth of One Network Bank.
April 1, 2004 - The three banks started its consolidated operations and with its combined resources formed the largest rural bank in the country.
Recent developments
ONB further raises the bar for rural banking as it inaugurated its multi-storey corporate structure last May 21, 2012. Dubbed as the ONB Center, the P117.4 million worth edifice with 9,670 square meters of space is the new home of ONB Head Office staff of more than 300 professionals. ONB Center now counts among the major landmarks of Davao City.
In a momentous event, a gathering of joined the stockholders, officers and staff of ONB in the inaugural rites of the 7-storey ONB Center last May 21, 2012. Davao Archbishop Fernando R. Capalla officiated the blessing rites which started at 10:00 am. He was assisted by Archbishop Romulo Valles, Bishop Romulo Dela Cruz, Bishop Juan de Dios Pueblos, Fr. Jess Esparagoza, Fr. Gus Nazareno, Fr. Mervin Maglana, Fr. Reiner Franke, Fr. Alfredo Palomar and Msgr. Julius Rodulfa.
After the blessing rites, a Thanksgiving Mass was co-ncelebrated with more bishops and priests, namely: Archbishop Angel Lagdameo, Archbishop Orlando Quevedo, Bishop Wilfredo Manlapaz, Bishop Dinualdo Gutierrez, Bishop Julius Tonel, Bishop Antonieto Cabajog, Bishop Jose Romeo Lazo, Auxiliary Bishop George Rimando, Fr. Ritsche Gamaya, Fr. Junardela Victoria, Fr. Romeo Buenaobra and Fr. Nolan Olvido.
The inauguration of the ONB Center was graced by special guests Mrs. Fredesvinda A. Consunji, BSP Davao Regional Office Director Atty. Demetrio Casipong, Mrs. Josefa Consunji-Reyes and Davao City Councilor April Marie Dayap. Also present in the event were ONB's Board of Directors, led by Chairman Victor A. Consunji and President Alex V. Buenaventura. The ONB Center Inauguration program was then followed by the 2012 Annual Stockholders Meeting.
ONB Center located along Km. 9, Sasa, Davao City was constructed by DMCI, recognized as the prime "Builder of Landmarks" in the country and a pioneer of advanced engineering technology application in Philippine construction. The building is rendered in a modern design and places a premium on efficient energy use. As a primary undertaking towards streamlining the Bank's branch support system and increasing back office efficiency, the ONB Center is a dedicated space for backstopping all of One Network Bank's branch and offsite operations. It substantially enhances the workspace of the head office units of the Bank with its spacious, comfortable and multi-functional features complete with state-of-the-art training facilities and a roofdeck with a chapel, a fitness gym and a basketball/badminton court.
With the inauguration of ONB Center, ONB strengthens its pursuit of being the prime provider of modern banking services to progressive communities. ONB continues to redefine rural banking with its delivery of innovative banking channels that serve countryside clients at every turn. Today, ONB operates with 85 branches in Mindanao, 1 branch in Makati and a fleet of 121 ATMs.
See also
- List of banks in the Philippines
- BancNet
- MegaLink
References
- July 2015: BDO completes acquisition of largest rural bank http://www.rappler.com/business/industries/209-banking-and-financial-services/100113-bdo-completes-acquisition-one-network-bank
External links
- One Network Bank official website
- July 2015: BDO completes acquisition of largest rural bank http://www.rappler.com/business/industries/209-banking-and-financial-services/100113-bdo-completes-acquisition-one-network-bank
Source of the article : Wikipedia
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