Ongoing consolidation efforts to further strengthen Philippine banking industry
Total number of banks in the Philippines dropped 28% to 696 during 2004-2012, as BSP seeks to further drive development of rural banking industry through recent reforms.
As evidenced by the decline in total number of banks in the Philippines - dropping from 893 to 696 from 2004 to 2012, the banking landscape in the country has become more streamlined, as Bangko Sentral ng Pilipinas (BSP) further encourages merger and acquisitions in the industry.
Despite banking consolidations over the past few years, the country still boasts one too many small-time players in the domestic financial services industry – with 37 universal and commercial banks, 70 thrift banks, and 589 rural and cooperative banks as of end-2012. According to The Asian Banker’s AB500 rankings,…
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