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PSBank

Bank in the Philippines

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The Philippine Savings Bank, commonly known as PSBank or abbreviated as PSB, is a savings bank based in the Philippines. It is a subsidiary of Metrobank and is the largest savings bank in the Philippines.

01Subsidiaries and affiliates

PSBank is a subsidiary of Metrobank, and as such is affiliated with it. PSBank is also affiliated with Toyota Financial Services Philippines Corporation (TFSPC), where it currently has a 25% stake.

A PSBank branch in Pulilan, Bulacan
A PSBank branch in Pulilan, Bulacan

02Ownership

03Competition

PSBank competes with other savings banks, such as BPI Family Savings Bank and RCBC Savings Bank. The bank is also competing against multinational savings bank such as Citibank Savings and HSBC Savings. However, since PSBank is considered a major bank, it also competes with bigger financial institutions. It does not, however, aggressively compete with parent company Metrobank.

04Controversies

Impeachment of Renato Corona

In February 2012, PSBank officials were about to receive a subpoena request in connection with the Impeachment of Renato Corona due to the allegations of a secret US$ account under the name of Renato Corona. The PSBank executives were also asked to bring consumer identification and specimen signature card(s) of the bank account(s) under Corona's name which won 1 million in the PSBank Monthly Millions Raffle Promo.

Pork barrel case

During the senate investigations involving the Priority Development Assistance Fund scam, also known as the pork barrel scam, PSBank was one of the domestic banks included in the senate inquiry about the bank accounts of the whistleblowers. Moreover, the bank was included as one of the banks from which Senator Ramon Revilla Jr. and his family, as well as those of Janet Lim-Napoles and her pseudo-NGOs, have utilized to launder the controversial "pork barrel" funds.

Watch videos about PSBankExplainers and documentaries on YouTube (opens in a new tab)

Sources and credits

This article is adapted from the Wikipedia article PSBank, written by its contributors and licensed under CC BY-SA 4.0. Fathomly has changed the layout, removed citation markers, navigation and maintenance notices, and adjusted punctuation. This adapted version is shared under the same license. For references, see the original article.

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