Philippine Postal Savings Bank
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|
| State-owned | |
| Industry | Finance and Insurance |
| Founded | Manila, Philippines (1906) |
| Headquarters | Manila, Philippines |
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Key people
|
Vicente P. Magsaysay, Chairman Hector R.R. Villanueva, Vice-Chairman Virgilio A. Mortera, President and CEO |
| Products | Financial Services |
P19.2 million PHP ( 11%) (2008) |
|
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Number of employees
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unknown |
| Website | www |
The Philippine Postal Savings Bank (PPSB), also known as PostalBank, is the state-owned postal savings system in the Philippines. It is the smallest of the Philippines' three state-owned banks, ranking 16th among thrift banks in terms of assets. Established in 1906, the bank was closed in 1976 as a result of competition with privately owned banks, but was reopened in 1994 pursuant to the provisions of Republic Act No. 7354, the charter of the Philippine Postal Corporation. In 2013, the bank rebranded its operations as "Postbank". Despite the legal affiliation, the PPSB is governed separately from PhilPost.
On November 16, 2016, Land Bank of the Philippines bought Postbank and is targeted to be a lending bank for the Overseas Filipino Workers and their families. As of March of the same year, the thrift bank's total assets stood at ₱12.07 billion, according to central bank data.
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Wikipedia