The Philippine Bank of Communications (PSE: PBC), more commonly known as PBCom, is one of the largest commercial banks in the Philippines, ranking nineteenth in terms of assets. The bank is also known for its towering headquarters, PBCom Tower, the tallest building in the Philippines, located in Makati City.
PBCom issued its first international credit card, a MasterCard issued in joint partnership with Standard Chartered Bank, in 2002. It subsequently introduced online banking in 2003 and was infused with an additional three billion pesos in fresh capital. As a show of support, the Philippine Deposit Insurance Corporation gave PBCom an additional 7.64 billion pesos in financial enhancement funds, which formed part of PBCom's comprehensive business plan. The funds were really used to buy high-yielding government securities that would stop the true sale of any non-performing assets to a special purpose vehicle, or SPV. PBCom also welcomed its current president and CEO in 2005.
On November 22, 2006, it was reported by the Philippine Daily Inquirer that Philtrust Bank would buy 58% of PBCom, buying the stakes of the Nubla and Chung families. The Luy family, the owners of the largest share of PBCom, have so far refused to talk about the deal. If it succeeds, this would be the fourth bank merger of 2006, after the mergers of Prudential Bank into BPI, International Exchange Bank into Union Bank of the Philippines and the Banco de Oro-Equitable PCI Bank merger. The merger would create the Philippines' thirteenth-largest bank.