Bsp and Sec Approve Great Pacific Savings Bank

September 8, 1998 PSE CIRCULAR FOR BROKERS NO. 2087-98 BSP AND SEC APPROVE GREAT PACIFIC SAVINGS BANK Manila, Sept. 7, 1998 -- Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) have just approved the change in the name of BA Savings Bank to Great Pacific Savings Bank, thus paving the way for the Bank's public announcement. In June 16, 1998, House of Investments, Inc. (HI), the holding company belonging to the Yuchengco Group of Companies and the majority owner of the savings bank, announced its intention to purchase the shareholdings of its partner, BankAmerica (BA) Corp. This sale was completed last July 31, 1998. Alfonso S. Yuchengco III, Great Pacific Savings Bank Chairman and HI Vice-Chairman, announced that YGC intends to put in more capital into Great Pacific Savings Bank, in order to grow its range of product offerings and expand their availability nationwide. LLjur "We are very excited about Great Pacific Savings Bank and have big plans for its expansion. Its size and the class segment to which most of its clients belong to make it the ideal retail banking arm for the Yuchengco Group," Yuchengco said. "In fact, the main thrust of the Yuchengco Group is to offer integrated financial services to its clients around the country. With the addition of Great Pacific Savings Bank to its roster, the Yuchengco Group can address the needs of the market segment not fully tapped by its other financial companies," Yuchengco added: The Yuchengco Group owns the Malayan Group of Insurance Companies, Great Pacific Life Assurance Corp., House of Investments, Inc. and Rizal Commercial Banking Corp. (RCBC). Recently, RCBC acquired the 112 branch network of Capitol Development Bank through its wholly-owned subsidiary, RCBC Savings Bank. The Yuchengco Group also has interests in other non-finance industries such as EEI, Philippine Fuji Xerox Corp., Manila Memorial Park, Dondon Fastfoods, the Manila Peninsula Hotel, and Honda and Isuzu dealerships. Great Pacific Savings Bank has a nation-wide branch network that offers a full range of consumer banking products and services, from savings deposits to loans, ATM, remittance and foreign exchange services.