Bankard was established as the credit card arm of the
Philippine Commercial International Bank, or PCI Bank, then known as Philippine Commercial Credit Card, Inc., on December 4, 1981. PCCCI, as it was known, started full operations in June 1982. On July 8, 1992, the name was changed to the present-day Bankard. It started issuing MasterCardcards in 1991 and VISA cards in 1995.
When PCI Bank merged with Equitable Bank to form
Equitable PCI Bank, the new Equitable PCI chose to keep Equitable Bank's credit card arm, Equitable CardNetwork, rather than to incorporate Bankard into Equitable's credit card operations. Bankard was then sold in May 2000 to the Yuchengco Group of Companies, best known as the owners of the Rizal Commercial Banking Corporation, or RCBC. RCBC's credit card operations, RCBC Card, were subsequently merged into Bankard, forming the current company. Through RCBC Card, Bankard also started issuing JCB cards
Bankard today is two-thirds owned by the Yuchengco Group of Companies and is an affiliate of RCBC. However, this is set to change after the Yuchengco Group of Companies accepted a buyout offer from
GE Consumer Financefor an undisclosed price, subject to stockholder approval. In the past, YGC had sought to nullify its acquisition on the grounds that it paid Equitable PCI Bank too much.
Equitable PCI Bank
Rizal Commercial Banking Corporation
* [http://www.bankard.com Bankard]
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