GLOBAL BUSINESS HOLDINGS INC
Previous company name
Global Business Bank Inc
Name change date
The company, formerly known as The Philippine Banking Corporation, operates as a holding firm in the Philippines. It was founded in 1935 and has its registered head office strategically located in Makati City, Philippines.
The company’s business operation specializes in managing the non-banking assets of Global Business Bank, Inc., and has investment in Mirant Global Corporation, which owns power generating assets totaling 243 MW, which are located in Cebu, Iloilo, Oriental Mindoro, and Aklan. It has provide commercial banking services, such as deposit products, loans and trade finance, domestic and foreign fund transfers, treasury, foreign exchange, and trust services. Global Business Holdings.
Bank Holding & Holding Company
Description and history
In July 1999, Metropolitan Bank and Trust Company (Metrobank) Group acquired majority ownership of The Philippine Banking Corporation (PhilBank) common shares for the purpose of merger with Globalbank (Metrobank’s majority owned subsidiary). Globalbank is a commercial bank incorporated in the Philippines. The Plan of Merger was approved by the stockholders of both PhilBank and Globalbank on February 22, 2000 with PhilBank as the surviving entity. On same date, the Board of Directors (BOD) and the stockholders of both banks approved the change in the bank’s name from The Philippine Banking Corporation to Global Business Bank, Inc.
Pursuant to the Plan, PhilBank issued 1 common share for every 0.5596 fraction of Globalbank common share or 38,531,981 common shares, of which 14,426,230 shares became treasury shares and were reissued upon conversion of the PHP2.2 billion deposits for future stock subscription.
The merger was accounted for as a purchase. The accounts of Globalbank as of and for the year ended December 31, 2000 have been included in the accompanying consolidated financial statements of the merged Bank with the premerger loss of Globalbank excluded from the results of operations of the merged Bank for the year ended December 31, 2000. Goodwill arising from the merger of PHP1.27 billion is to be amortized on a straight-line basis over forty years starting May 2, 2000.
On September 5, 2002, the Securities and Exchange Commission approved the Amendments of the Articles of Incorporation of Global Business Bank, Inc. changing its corporate name to Global Business Holdings, Inc. and its primary purpose to that of a holding corporation.
Subsequently, the consolidation of the banking operations of Global Business Bank, Inc. with the Metropolitan Bank & Trust Company took effect on October 11, 2002.
Formerly known as The Philippine Banking Corporation
Operates as a holding firm in the Philippines
VICTORIAS MILLING COMPANY INC
METROPOLITAN BANK & TRUST COMPANY
US SIC Code
Sen. Gil J. Puyat Av.
Metrobank Plaza – Annex Bldg 3rd/F
City province or state postal code
Phone: 63 (2) 813 40 65
Fax: 93 (2) 817 08 72
Country address: PHILIPPINES