Queen City Development Bank
Encyclopedia
Queen City Development Bank, also known as Queenbank, is a private development bank
based in Iloilo City
in the Philippines
. Founded in 1981, it has branches operating in key cities all over the country, offering financial services to both companies and individual investors. Its services include deposit in investment banking, corporate and retail financing, dollar deposits and other basic banking products.
It is one of the few banks with headquarters outside Metro Manila
that is a member of an interbank ATM network, in this case, MegaLink
.
, with two new branches under construction including one in Metro Manila. It offers corporate and private financial services such as investment banking deposits, corporate and retail financing, peso and dollar deposits apart from the basic banking services.
From its humble beginnings as an 11-personnel bank with P4 million in paid-up capital, Queenbank has emerged as one of the most progressive development banks in the Western Visayas
region. The year after its foundation, it became an accredited foreign exchange dealer. Gradually, the bank obtained additional facilities and built a name for itself amidst a throng of emerging and more established banking institutions. Through its gestation period, it built a solid, clean reputation of supporting the small and medium enterprises (SMEs) with their financial and banking needs.
The 90s saw a surge in the bank’s expansion of offered services. In 1993, it was granted the authority to participate in institutions such as the Philippine Clearing House Corporation (PCHC) and accept and create demand deposits. Participating in the PCHC gave the bank authority to offer checking account services to its clients. The following year, the bank invested in Automated Teller Machines (ATMs) and offered the service to its clients, yielding to an increase in clients and deposit volume.
With its core operations located in Iloilo City
, the bank has established branches in other key cities around the country. Apart from the aforementioned thirteen branches, two more are slated to open within the next year – one located in the newly constructed Plazuela de Iloilo in Iloilo City, and another in Makati City, Metro Manila
.
LOAN SERVICES
OTHER SERVICES
More About Queenbank Branches
Risk Management is the banking institution’s ability to identify, monitor or assess, and mitigate or control risk exposures. Risk management covers areas such as credit, market, interest rate, foreign currency, liquidity, operational, technology, legal and regulatory risk. Management of these areas are vital in a bank’s growth and development, and in increasing profitability.
The Risk Management Structure consists of the Board of Directors (BOD), Executive Committee, Asset Liability and Other Risks Committee (ALCO), the Audit Committee, Legal Risk Committee, and the Electronic (IT) Risk Committee.
Market Risk arises from adverse movements in the level or volatility of market prices of interest rate instruments, equities, commodities and currencies. This risk is also associated with a price movement of a given probability over a specified time or period.
The bulk of excess funds are invested in the Bangko Sentral ng Pilipinas
(BSP) through Overnight Lending. ALCO deliberates the evaluation and approval function in investments.
The Interest Risk is identified on mismatches on maturities. It measures interest rate risk by identifying gaps between repricing dates of assets and liabilities. To minimize mismatches, the bank accredits itself with various financial institutions such as the BSP, the Small Medium Enterprise Credit (SMEC), and the Small Business Corporation (SBC).
Operational Risk Management arises from the failure and inefficiency of the bank’s internal policies, systems and procedure to deal with the major disturbances in the financial and economic market, and from the incorrect and unstudied decisions of management that lead to the bank’s inability to carry out normal business banking operations.
The bank has circularized its Bank Operations Manual which serves as a policy guideline and makes sure that these are adhered to, properly implemented and strictly followed. It maintains a close watch over the financial and economic market and oversees operations with care.
The bank has established its Internal Audit Group (IAG) tasked to monitor strict compliance with these guidelines. It also recommends policies for adoption or for further improvement to the Audit Committee. The Internal Audit Group presents findings and recommendation to the Audit Committee/Board regularly on a monthly basis.
Technology Risk arises from the inefficiency and insufficiency of the bank’s electronic or computerized systems and its existing technology in use to process its transactions. It also occurs when the bank fails to install a system that fully complies with the requirements of the regulatory bodies including reports and records management.
It also arises from the inability of the current manpower resources to utilize these available systems and technology to its full capacity.
Technology Risk is controlled through the implementation of adequate maintenance procedures for all bank equipment, continuous research and study on the development of systems and the integration of efficient and highly dependable audit trails in all the bank’s operational systems.
To address Queenbank’s technological risk concerns, the bank’s Board has appointed a Technology (IT) Risk Officer who chairs the IT Risk Committee. It is composed of ten (10) members including two Directors/Executive Officers and Department and Branch Heads.
Legal Risk is the potential loss due to non-existent, incomplete, incorrect and unenforceable documentation that the bank uses to protect and enforces rights under the law on obligations and contracts. The Board acquires proper counsel from competent lawyers in order to ensure that all transactions entered into are valid under the laws of the country.
At Queenbank, a Legal Risk Committee has been formed to address legal issues that are faced by the bank.
It performs the legal review process for major transactions that the bank may undertake. This committee meets regularly on a monthly basis.
Regulatory Risk covers potential loss from non-compliance with laws, rules and regulations, policies and procedures, and ethical standards. It is also known as compliance risk. The Bank ensures that compliance is followed in our endeavors.
Reputational Risk occurs when the bank is seen or perceived to be poorly prepared to deal with its operational difficulties or when it seems to lack the ability to operate normally and efficiently during crisis. We target this risk through consistent and adequate compliance of the bank’s operations, proper and timely disclosure of the bank’s condition, and provision of constant information and assurance to the public on the bank’s growth and development plans.
Our Board consists of eleven directors who are all qualified business professionals with the experience and expertise in the field. Four members are also executive directors.
The Board oversees the management of the business and affairs of the bank so as to ensure effective operation, profitability, accountability, viability and development. It also advocates and upholds established standards of corporate governance. The members are accountable to the regulators and to the public. It is made up of various committees which are tasked to carry out various functions.
The Executive Committee performs powers and functions subject to certain statutory limits and restrictions as delegated by the Board. It supervises the management of the bank as prescribed by the Board, implements bank strategies and policies, and monitors the business operations through performance measures.
At present, four members of the Board are Executive Directors.
The Assets and Liabilities Committee (ALCO) and Other Risks Committee meet regularly in order to discuss and manage various inherent risks such as credit, market, interest rate, liquidity, operational, technology, legal, regulatory, and other risks. Its principal function is to assess the funding requirements for loans and other commitments.
The four Executive Directors, Department Heads and Compliance Officer are members of this committee.
The Anti-Money Laundering Act (AMLA) Committee is tasked to oversee the bank’s compliance to the Anti-Money Laundering Act of 2001. The committee formulates general policy guidelines and implements the rules imposed by the AMLA for compliance from the branches and departments of the institution.
The bank’s Compliance Officer, Branch Banking Group Head and Branch Heads comprise the AMLA Committee.
The Audit Committee performs responsibilities in financial reporting, conducts external and internal audit, monitors and oversees the system of internal control and accounting, and establishes compliance with regulatory requirements.
The Human Resource Management and Nominations Committee is responsible for setting human resource standards in the areas of recruitment, training and development, compensation and benefits planning and administration, performance appraisal and merit program, employee relations and corrective action, retirement and separation of the bank’s employees.
Three directors who are senior officers, the Human Resources Head and the Central Accounting Group (CAG) Head are members of this committee.
Development bank
The phrase development bank may refer to:* Community development banks fund low-income areas in the United States* Multilateral Development Bank provide financing for international development...
based in Iloilo City
Iloilo City
The City of Iloilo is a highly urbanized city in the Philippines and the capital city of Iloilo province. It is the regional center of the Western Visayas, as well as the center of the Iloilo-Guimaras Metropolitan Area...
in the Philippines
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...
. Founded in 1981, it has branches operating in key cities all over the country, offering financial services to both companies and individual investors. Its services include deposit in investment banking, corporate and retail financing, dollar deposits and other basic banking products.
It is one of the few banks with headquarters outside Metro Manila
Metro Manila
Metropolitan Manila , the National Capital Region , or simply Metro Manila, is the metropolitan region encompassing the City of Manila and its surrounding areas in the Philippines...
that is a member of an interbank ATM network, in this case, MegaLink
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...
.
History
Founded in July 18 1981, Queen City Development Bank is an established private thrift bank with head office in Iloilo City. To date (2010), it has thirteen (13) branches all over the PhilippinesPhilippines
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...
, with two new branches under construction including one in Metro Manila. It offers corporate and private financial services such as investment banking deposits, corporate and retail financing, peso and dollar deposits apart from the basic banking services.
From its humble beginnings as an 11-personnel bank with P4 million in paid-up capital, Queenbank has emerged as one of the most progressive development banks in the Western Visayas
Western Visayas
Western Visayas, one of the regions of the Philippines, is designated as Region VI. It consists of six provinces; Aklan, Antique, Negros Occidental, Capiz, Guimaras and Iloilo and 16 cities making it the region with the highest number of cities. Iloilo City is the regional center...
region. The year after its foundation, it became an accredited foreign exchange dealer. Gradually, the bank obtained additional facilities and built a name for itself amidst a throng of emerging and more established banking institutions. Through its gestation period, it built a solid, clean reputation of supporting the small and medium enterprises (SMEs) with their financial and banking needs.
The 90s saw a surge in the bank’s expansion of offered services. In 1993, it was granted the authority to participate in institutions such as the Philippine Clearing House Corporation (PCHC) and accept and create demand deposits. Participating in the PCHC gave the bank authority to offer checking account services to its clients. The following year, the bank invested in Automated Teller Machines (ATMs) and offered the service to its clients, yielding to an increase in clients and deposit volume.
With its core operations located in Iloilo City
Iloilo City
The City of Iloilo is a highly urbanized city in the Philippines and the capital city of Iloilo province. It is the regional center of the Western Visayas, as well as the center of the Iloilo-Guimaras Metropolitan Area...
, the bank has established branches in other key cities around the country. Apart from the aforementioned thirteen branches, two more are slated to open within the next year – one located in the newly constructed Plazuela de Iloilo in Iloilo City, and another in Makati City, Metro Manila
Metro Manila
Metropolitan Manila , the National Capital Region , or simply Metro Manila, is the metropolitan region encompassing the City of Manila and its surrounding areas in the Philippines...
.
Products and Services
DEPOSIT SERVICES- Peso Savings
- Dollar Savings
- Peso Time Deposit
- Dollar Time Deposit
- Platinum Savings Deposit
- Business Checking Account
- Business Interest Checking Account
- Speedcard ATM
- Star Saver's ATM
LOAN SERVICES
- Queenbank Multi-Purpose Loan
- Business Loan
- Business Lines of Credit
- Commercial Loan
- Real Estate Loan
- Term Loan
- 1:1 Loan
- Purchase of Domestic Bills
- Receivable Rediscounting
- Domestic Letters of Credit
- Car Financing
- Consumer Personal Loan
- Industrial Loan
- Agricultural Loan
- Housing Loan
- Specialized Lending Programs
OTHER SERVICES
- Fund Transfer (On-Line)
- Business Payroll Services
- Safety Deposit Box
- Collection Services
- Pick-up Deposit Services
- Gift checks
- Automated Teller Machine
Iloilo
- Ground Floor, Sky City Tower, Mapa Street, Iloilo City
- Huervana Street, Lapaz, Iloilo City
- Valeria Street, Iloilo City
- Plazuela de Iloilo, Mandurriao, Iloilo City
Luzon
- A.B. Fernandez Avenue, Dagupan City
- Cor. Biak-na-Bato - F. Espiritu Sts., Tabuco, Naga City
- Sana Building, MacArthur Highway, Urdaneta City, Pangasinan
Visayas
- Roxas Avenue, Roxas City
- San Juan St., Bacolod City
- CBS Dev't Corp. Bldg., Lacson St.,Mandalagan, Bacolod City
- Sanchiangko St., Cebu City
- Cor. Genarro-Viscarra Sts., Carlos P. Garcia Avenue, Tagbilaran City, Bohol
Mindanao
- Capistrano St., Cagayan de Oro City
- San Pedro St., Davao City
More About Queenbank Branches
Overview
Risk Management is the banking institution’s ability to identify, monitor or assess, and mitigate or control risk exposures. Risk management covers areas such as credit, market, interest rate, foreign currency, liquidity, operational, technology, legal and regulatory risk. Management of these areas are vital in a bank’s growth and development, and in increasing profitability.
The Structure
The Risk Management Structure consists of the Board of Directors (BOD), Executive Committee, Asset Liability and Other Risks Committee (ALCO), the Audit Committee, Legal Risk Committee, and the Electronic (IT) Risk Committee.
Market Risk Management
Market Risk arises from adverse movements in the level or volatility of market prices of interest rate instruments, equities, commodities and currencies. This risk is also associated with a price movement of a given probability over a specified time or period.
The bulk of excess funds are invested in the 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...
(BSP) through Overnight Lending. ALCO deliberates the evaluation and approval function in investments.
Interest Rate Risk
The Interest Risk is identified on mismatches on maturities. It measures interest rate risk by identifying gaps between repricing dates of assets and liabilities. To minimize mismatches, the bank accredits itself with various financial institutions such as the BSP, the Small Medium Enterprise Credit (SMEC), and the Small Business Corporation (SBC).
Operational Risk
Operational Risk Management arises from the failure and inefficiency of the bank’s internal policies, systems and procedure to deal with the major disturbances in the financial and economic market, and from the incorrect and unstudied decisions of management that lead to the bank’s inability to carry out normal business banking operations.
The bank has circularized its Bank Operations Manual which serves as a policy guideline and makes sure that these are adhered to, properly implemented and strictly followed. It maintains a close watch over the financial and economic market and oversees operations with care.
The bank has established its Internal Audit Group (IAG) tasked to monitor strict compliance with these guidelines. It also recommends policies for adoption or for further improvement to the Audit Committee. The Internal Audit Group presents findings and recommendation to the Audit Committee/Board regularly on a monthly basis.
Technology Risk
Technology Risk arises from the inefficiency and insufficiency of the bank’s electronic or computerized systems and its existing technology in use to process its transactions. It also occurs when the bank fails to install a system that fully complies with the requirements of the regulatory bodies including reports and records management.
It also arises from the inability of the current manpower resources to utilize these available systems and technology to its full capacity.
Technology Risk is controlled through the implementation of adequate maintenance procedures for all bank equipment, continuous research and study on the development of systems and the integration of efficient and highly dependable audit trails in all the bank’s operational systems.
To address Queenbank’s technological risk concerns, the bank’s Board has appointed a Technology (IT) Risk Officer who chairs the IT Risk Committee. It is composed of ten (10) members including two Directors/Executive Officers and Department and Branch Heads.
Legal Risk
Legal Risk is the potential loss due to non-existent, incomplete, incorrect and unenforceable documentation that the bank uses to protect and enforces rights under the law on obligations and contracts. The Board acquires proper counsel from competent lawyers in order to ensure that all transactions entered into are valid under the laws of the country.
At Queenbank, a Legal Risk Committee has been formed to address legal issues that are faced by the bank.
It performs the legal review process for major transactions that the bank may undertake. This committee meets regularly on a monthly basis.
Regulatory Risk
Regulatory Risk covers potential loss from non-compliance with laws, rules and regulations, policies and procedures, and ethical standards. It is also known as compliance risk. The Bank ensures that compliance is followed in our endeavors.
Reputational Risk
Reputational Risk occurs when the bank is seen or perceived to be poorly prepared to deal with its operational difficulties or when it seems to lack the ability to operate normally and efficiently during crisis. We target this risk through consistent and adequate compliance of the bank’s operations, proper and timely disclosure of the bank’s condition, and provision of constant information and assurance to the public on the bank’s growth and development plans.
Board of Directors
The Board of Directors (BOD) is on top of the organization. It is the main organ in which this institution moves in upholding the standards of corporate governance. It is responsible for establishing the overall corporate objectives, policies and plans that will guide the activities and operations of the bank.Our Board consists of eleven directors who are all qualified business professionals with the experience and expertise in the field. Four members are also executive directors.
The Board oversees the management of the business and affairs of the bank so as to ensure effective operation, profitability, accountability, viability and development. It also advocates and upholds established standards of corporate governance. The members are accountable to the regulators and to the public. It is made up of various committees which are tasked to carry out various functions.
Committees that matter
In order to achieve the goals and objectives of corporate governance, the following committees have been created to support the Board in performing its functions:Executive Committee
The Executive Committee performs powers and functions subject to certain statutory limits and restrictions as delegated by the Board. It supervises the management of the bank as prescribed by the Board, implements bank strategies and policies, and monitors the business operations through performance measures.
At present, four members of the Board are Executive Directors.
ALCO and Other Risks Committee
The Assets and Liabilities Committee (ALCO) and Other Risks Committee meet regularly in order to discuss and manage various inherent risks such as credit, market, interest rate, liquidity, operational, technology, legal, regulatory, and other risks. Its principal function is to assess the funding requirements for loans and other commitments.
The four Executive Directors, Department Heads and Compliance Officer are members of this committee.
AMLA Committee
The Anti-Money Laundering Act (AMLA) Committee is tasked to oversee the bank’s compliance to the Anti-Money Laundering Act of 2001. The committee formulates general policy guidelines and implements the rules imposed by the AMLA for compliance from the branches and departments of the institution.
The bank’s Compliance Officer, Branch Banking Group Head and Branch Heads comprise the AMLA Committee.
Audit Committee
The Audit Committee performs responsibilities in financial reporting, conducts external and internal audit, monitors and oversees the system of internal control and accounting, and establishes compliance with regulatory requirements.
Human Resource Management and Nominations Committee
The Human Resource Management and Nominations Committee is responsible for setting human resource standards in the areas of recruitment, training and development, compensation and benefits planning and administration, performance appraisal and merit program, employee relations and corrective action, retirement and separation of the bank’s employees.
Three directors who are senior officers, the Human Resources Head and the Central Accounting Group (CAG) Head are members of this committee.