BSP approves name change of SeaBank Philippines

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has authorized the corporate name change of SeaBank Philippines Inc. (A Rural Bank) to Maribank Philippines Inc.

In a circular signed by BSP Deputy Governor Lyn Javier, the central bank said it approved on April 21 the request of SeaBank Philippines to change its corporate name.

The Securities and Exchange Commission subsequently cleared the amended Articles of Incorporation and By-Laws of the bank on July 31, reflecting its new name, Maribank Philippines Inc.

The rural bank is among BSP-supervised financial institutions operating in the country’s banking system.

SeaBank Philippines, formerly known as Banco Laguna Inc., has a legacy that traces back to its founding in 1965. From its modest beginnings in a small town in Laguna, the bank has consistently held its mission of supporting local communities by providing access to essential financial services.

Following its rebranding in 2020 and guided by a clear mission and vision to make financial services accessible to all through proprietary technology and data, the bank transitioned from traditional banking to a more technology-driven approach, seamlessly integrating innovative solutions while continuing to serve its core rural clientele, particularly in the Calabarzon region.

As of the end of 2024, SeaBank operates four branches across Laguna in Pagsanjan, Sta. Cruz, Siniloan and Liliw. It also maintains an extension office in Mandaluyong to support its growing operational needs.

Meanwhile, the BSP’s Monetary Board revoked the license of the RGC Employees Savings and Loan Association Inc. to operate as a non-stock savings and loan association (NSSLA).

The Monetary Board, through Resolution 574 dated June 5, ruled to withdraw the association’s license pursuant to Section 22 of Republic Act 8367, or the Revised Non-Stock Savings and Loan Association Act of 1997, along with its implementing rules and regulations.

With the revocation, the RGC Employees Savings and Loan Association is no longer authorized to conduct operations as an NSSLA.

Both measures were issued through separate circular letters for the information and guidance of all banks and non-bank financial institutions.