The Overseas Filipino Bank, a Savings Bank of Landbank (formerly Philippine Postal Savings Bank) traces its roots to 1906 when it was established as the Philippine Postal Savings Bank Inc. (PPSB) to provide banking services to rural areas in the Philippines. In 1976, however, the Bank ceased operations as a result of strong competition with private banks who captured a dominant market share.
By virtue of the Republic Act No. 7354, the PSB re-opened in 1994 as the Philippine Postal Savings Bank Inc. (PPSB) under the Philippine Postal Corporation (PPC). The brand new bank resumed operations by providing wholesale loans to microfinance institutions and offering domestic and international remittance services.
In November 2016, state-run Land Bank of the Philippines (LANDBANK) announced plans to acquire PPSB and convert it into a bank that caters to the needs of overseas-based Filipinos. In the following month, LANDBANK received a directive from the Office of the President to initiate PPSB’s acquisition.
Pursuant to Executive Order No. 44 signed by President Rodrigo R. Duterte in September 2017, PPSB became a wholly-owned and fully controlled subsidiary of LANDBANK and was converted into OFBank to cater to the banking needs of migrant workers worldwide.
Contact Details
Address:
OFBank Center, Liwasang Bonifacio
1000 Manila
Phone:
(+63 2) 8527 0053
Website:
www.ofbank.com.ph