BDO Network Bank, Inc., a subsidiary of BDO Unibank, has officially transitioned from a rural bank to a thrift bank, having secured all necessary regulatory approvals. This significant conversion became effective on May 5, 2025, as announced by its parent company on Tuesday.

The move represents a strategic step for BDO Network Bank. The bank aims to significantly widen its reach and deepen its impact across the Philippines. The bank particularly focuses on areas currently underserved by traditional financial institutions.

BDO highlighted this objective in a statement released on its website dated April 28.

Formerly known as One Network Bank, before being acquired by BDO in 2015 in a transaction valued at PHP 6.7 billion. As of the end of 2024, it boasted considerable assets totalling PHP 124.05 billion.

Based on end-2024 data from the central bank, this asset size immediately places BDO Network Bank among the top five largest thrift banks in the country upon its licence conversion. At that time, only four other lenders within the sector held assets exceeding PHP 100 billion.

Financially, the bank reported a net income of PHP 884.4 million in 2023. It is a decrease of 22% from the PHP 1.134 billion recorded in 2022, according to its annual report.

At the close of 2023, its physical network included 393 branches, 121 loan offices, and 431 automated teller machines.

BDO Network Bank President Jesus Antonio S. Itchon indicated last year that the bank expected to expand its total branch count to between 560 and 570 by the end of 2025.

Featured image by Freepik.