Initially named Philippine Commercial Credit Card, Inc. (PCCCI), Bankard, Inc. (BKD) was organized as a wholly owned subsidiary of PCIBank on December 4, 1981. The company was set up for the purpose of operating a domestic credit card business and its full commercial operations commenced in June 1982. In March 1995, BKD was publicly listed in the Philippine Stock Exchange. BKD's ultimate parent company is Rizal Commercial Banking Corporation (RCB). In 2007, BKD changed the nature of its business from a full credit card business of issuing cards and acquiring merchants, to that of credit card servicing. With the company's services agreement with RCB, BKD's primary customer is now RCB and indirectly the RCBC Bankard cardholders, to whom the cards are issued, and its accredited merchants. As a servicing entity, the company provides RCB marketing, selling and distribution assistance, technical, collection services and all transaction processing requirements arising from its credit cardholder and merchant transactions. Specifically, BKD provides the end to end business and transaction processes primarily to the RCB credit card business. Source: SEC Form 17-A (2008)