OFbank's transformation throughout the years before becoming the first government digital-only and branchless bank in the country:
The Overseas Filipino Bank (OFBank) traces its roots to 1906 when it was established as the Philippine Postal Savings Bank Inc. (PPSB) to provide banking services to rural areas in the Philippines. In 1976, however, the Bank ceased operations as a result of strong competition with private banks who captured a dominant market share.
By virtue of the Republic Act No. 7354, the PSB re-opened in 1994 as the Philippine Postal Savings Bank Inc. (PPSB) under the Philippine Postal Corporation (PPC). The brand new bank resumed operations by providing wholesale loans to microfinance institutions and offering domestic and international remittance services.
In November 2016, state-run Land Bank of the Philippines (LANDBANK) announced plans to acquire PPSB and convert it into a bank that caters to the needs of overseas-based Filipinos. In the following month, LANDBANK received a directive from the Office of the President to initiate PPSB’s acquisition.
Pursuant to Executive Order No. 44 signed by President Rodrigo R. Duterte in September 2017, PPSB became a wholly-owned and fully controlled subsidiary of LANDBANK and was converted into OFBank to cater to the banking needs of migrant workers worldwide.
In January 2018, the OFBank was officially launched. The ceremony was led by President Duterte, together with former LANDBANK President Alex V. Buenaventura and former OFBank President Renato G. Eje.
At present, OFBank continues to carry out its mandate of servicing the banking and financing requirements of overseas Filipinos under the supervision of LANDBANK President and CEO Lynette V. Ortiz and OFBANK President Randolph L. Montesa, who serve as the chairperson and vice chairperson of OFBank Board of Directors, respectively.
