Bank of Commerce - Upgrade of the License to Operate from a Commercial Bank into a Universal Bank

OFFICE OF THE DEPUTY GOVERNOR FINANCIAL SUPERVISION SECTOR CIRCULAR LETTER NO. CL-2022-___ 077 To : All BSP-Supervised Financial Institutions Subject : Bank of Commerce – Upgrade of the License to Operate from a Commercial Bank into a Universal Bank The Monetary Board, in its Resolution No. 1798 dated 23 December 2021, approved the application of Bank of Commerce (BOC) to upgrade its banking license from a commercial bank to a universal bank under the same corporate name. The Securities and Exchange Commission approved on 9 August 2022 the amended Articles of Incorporation bearing the universal banking license. The corresponding Certificate of Authority to Operate as a universal bank was signed by the Bangko Sentral Governor on 4 October 2022. BOC commenced its operations as a universal bank on 2 November 2022. For information and guidance. Digitally signed by Chuchi G. Fonacier Date: 2022.11.14 14:41:51 +08'00' CHUCHI G. FONACIER Deputy Governor 14 November 2022 FSS Licensing Form No. 02-019 * Version 0 * Updated 10 June 2022