Oriental Financial Group

Oriental Financial Group, Inc., more commonly known as Oriental Financial or Oriental Bank, is a financial holding company located in San Juan, Puerto Rico which offers a range of financial services in Puerto Rico and the state of Florida through its four wholly owned subsidiaries: Oriental Bank (a bank), Oriental Financial Services Corp., Oriental Insurance, Inc., and Caribbean Pension Consultants, Inc. (CPC). Its headquarters are located at the Oriental Center at 997-1000 San Roberto Street, Professional Offices Park in San Juan. The Oriental Financial Group has over $7.6 billion in assets (2005), and approximately 520 employees.

In 2010, Oriental acquired failed competitor Eurobank. On 2012, Oriental announced the acquisition of Spain's Banco Bilbao Vizcaya Argentaria's Puerto Rican unit for $500 million in cash. The deal is expected to be approved by regulators by the end of 2012.

Subsidiaries

Personal

Personal may refer to:

See also

Commerce

Commerce is the activity of buying and selling of goods and services, especially on a large scale or quantity. The system includes legal, economic, political, social, cultural and technological systems that are in operation in any country or internationally. Thus, commerce is a system or an environment that affects the business prospects of economies. It can also be defined as a component of business which includes all activities, functions and institutions involved in transferring goods from producers to consumers.

History

Some commentators trace the origins of commerce to the very start of communication in prehistoric times. Apart from traditional self-sufficiency, trading became a principal facility of prehistoric people, who bartered what they had for goods and services from each other. Historian Peter Watson dates the history of long-distance commerce from circa 150,000 years ago.

In historic times, the introduction of currency as a standardized money, facilitated a wider exchange of goods and services. Numismatists have collections of these monetary tokens, which include coins from some Ancient World large-scale societies, although initial usage involved unmarked lumps of precious metal.

Bank of Commerce

Bank of Commerce, also known as BankCom, Bancommerce and BoC, is a commercial bank and the 15th largest lender by asset in the Philippines. Its headquarters is at the San Miguel Properties Center, No. 7 Saint Francis Avenue, Mandaluyong. It is affiliated with the San Miguel Corporation group.

History

Early Years

Historically, the bank traces its origins to the Overseas Bank of Manila, which was incorporated in December 1963.

Evolving from history of mergers and acquisitions in 1981, the Government Service Insurance System (GSIS) acquired the Commercial Bank of Manila from the Herdis group and used "ComBank" as the bank's acronym. In 1987, the First National Bank of Boston (one of the oldest and leading banks in the United States) joined a group of Filipino entrepreneurs to acquire ComBank in response to the privatization thrust of the Philippine government and renamed the bank as the Boston Bank of the Philippines.

A group of Filipino investors – leaders in fields of communications, stock market and brokerage, pre-need services and banking and finance–reinforced the ownership base of the Bank, which led to the establishment of the modern-day Bank of Commerce on November 28, 1991. Initially the bank focused on trade finance transactions and strengthening other fee based income capabilities such as trust operations. In 1993, the buyout of the majority interest of the First National Bank of Boston was completed, placing BoC fully in Filipino hands.

Oriental Bank of Commerce

Oriental Bank of Commerce (Hindi:ओरिएंटल बैंक ऑफ कॉमर्स) is an India-based bank established in Lahore (then the city of British India, and currently in Pakistan), is one of the public sector banks in India.

History

Rai Bahadur Lala Sohan Lal, the first Chairman of the Bank, founded OBC in 1943 in Lahore. Within four years of its coming into existence, OBC had to face Partition. The bank had to close down its branches in the newly formed Pakistan and shift its registered office from Lahore to Amritsar. Lala Karam Chand Thapar, the then Chairman of the Bank, in a unique gesture honoured the commitments made to the depositors from Pakistan and paid every rupee to its departing customers.

The Bank has witnessed many ups and downs since its establishment. The period of 1970-76 is said to be the most challenging phase in the history of the Bank. At one time profit plummeted to ₹175, that prompted the owner of the bank, the Thapar House, to sell / close the bank. Then employees and leaders of the Bank came forward to rescue the Bank. The owners were moved and had to change their decision of selling the bank and in turn they decided to improve the position of the bank with the active cooperation and support of all the employees. Their efforts bore fruits and performance of the bank improved significantly. This was the turning point in the history of the bank.