International Exchange Bank
International Exchange Bank, more commonly known as iBank, was one of the largest bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...

s in the Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...

, ranking within the top twenty in terms of assets. It was recently acquired by the larger Union Bank of the Philippines
Union Bank of the Philippines
Union Bank of the Philippines more commonly known as UnionBank, is one of the largest banks in the Philippines, ranking seventh in terms of assets after its successful merger with smaller competitor International Exchange Bank...

 in mid-2006, although the two banks remained separate. Integration of the iBank brand into the UnionBank brand was completed in mid-2008.


iBank was founded as a commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...

 on August 17, 1995, starting operations on September 25 of that year. It grew rapidly largely due to its consumer-oriented services which proved to be popular at the time. It was one of the many banks formed during the 1990s, when the administration of Fidel V. Ramos
Fidel V. Ramos
Fidel "Eddie" Valdez Ramos , popularly known as FVR, was the 12th President of the Philippines from 1992 to 1998. During his six years in office, Ramos was widely credited and admired by many for revitalizing and renewing international confidence in the Philippine economy.Prior to his election as...

 and Bangko Sentral ng Pilipinas
Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas and commonly abbreviated as BSP is the central bank of the Philippines. It was rechartered on July 3, 1993, pursuant to the provision of the 1987 Philippine Constitution and the New Central Bank Act of 1993...

 governor Gabriel Singson encouraged the formation of more banks, a policy since reversed today.

On July 17,199 it Joined PCIBank, Security Bank Corp, RCBC, Allied Bank, China Banking Corporation, Cititrust Savings and Metropolitan Bank and Trust Company(Metrobank) to form BancNet.

On September 22, 2003, iBank joined MegaLink
MegaLink is an interbank network connecting the ATM networks of nineteen* members in the Philippines with a total of more than 2,921* ATMs nationwide and handling more than 795,000* transactions a day...

 and unveiled its iDeal ATM card. At the time of its launch, the iDeal card was revolutionary in the sense that it was the first ATM card to come with value-added benefits, such as shopping discounts.

The bank listed on the Philippine Stock Exchange
Philippine Stock Exchange
The Philippine Stock Exchange is the national stock exchange of the Philippines. It is one of the oldest stock exchanges in Southeast Asia, having been in continuous operation since its inception in 1927...

 on December 6, 2004, under the ticker symbol
Ticker symbol
A stock symbol or ticker symbol is a short abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market. A stock symbol may consist of letters, numbers or a combination of both. "Ticker symbol" refers to the symbols that were printed on the ticker...


iBank was acquired by Union Bank of the Philippines on June 5, 2006 that saw 98.86% of all iBank shares being sold in a block sale, catapulting UnionBank to become the seventh-largest bank in the Philippines in terms of assets.

In a well-attended event, employees and stockholders gathered on September 25, 2010 to commemorate the bank's 15th anniversary at the Makati Sports Club. The reunion is unprecedented in the banking industry in the country, where close to 600 employees organized to hold a program that rivals any other gathering by any existing bank as of September 2010; considering that the company was consolidated four years ago.

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