Finance


PSBank launches online trust management portal




Posted on October 11, 2016


PHILIPPINE Savings Bank (PSBank), the thrift arm of the Ty-led Metropolitan Bank & Trust Co. (Metrobank), has launched an online service for its clients to easily manage their accounts and investments as part of its digitization efforts.

In a statement released on Monday, PSBank said its clients can now manage their trust accounts online as well as access or register to the bank’s Money Market Fund through its recently launched e-Trust service.

“PSBank looks into the needs of our clients and provides them with services that are convenient and affordable while meeting their specific lifestyle and financial objectives,” PSBank Senior Vice-President and Marketing Group Head Emmanuel A. Tuazon was quoted saying in a statement.

“We recognize that clients need to make investment banking transactions in a timely manner. With e-Trust, they can make and fulfill investment decisions whenever they want to. The process is simple, user-friendly, and secure,” he added.

In May 2014, PSBank launched its Money Market Fund, which is the bank’s first unit investment trust fund (UITF) -- an open-ended pooled trust fund product or collective investment product, similar to mutual funds, to which units are issued instead of shares -- where investors are required to pay a minimum initial investment and a maintaining balance of P10,000, which you can grow in increments of P5,000 thereafter.

The Money Market Fund has a minimum holding period of 30 days, to which afterwards, PSBank subscribers can withdraw their earnings.

“Developed as part of PSBank’s digitization efforts, the e-Trust module is the latest functionality of PSBank Online, the bank’s online banking platform which enables clients to perform their banking needs conveniently, safely, and from anywhere. Its introduction expands to online investing options available to all PSBank clients,” the bank said in a statement.

Metrobank’s thrift arm saw a 12% rise in its net income in the first quarter to P434.8 million, up from P387.1 million in the same quarter last year, anchored by PSBank’s continued expansion of its core businesses.

In terms of funding, the bank’s deposit base grew 24% to P136.6 billion from P110.6 billion in 2015, with its low cost funds rising by 21%.

Shares in PSBank gained 10 centavos or 0.10% to close at P101 apiece on Monday. -- Janine Marie D. Soliman