Philippine Savings Bank (PSB) was incorporated on June 30, 1959 to primarily engage in savings and mortgage banking. In 1983, Metropolitan Bank and Trust Company acquired majority share in PSB, and in 2004 further increased its shareholdings to the present level of 75.98%. In 1991, the company was authorized to perform trust functions, and in 1995, was granted quasi-banking license. Being a thrift bank, PSB offers a wide array of products on deposits, loans and services that cater mainly to consumer and retail customers distributed through PSB's 164 branches nationwide. PSB's operating businesses are organized and managed separately according to the nature of services provided and the different markets served, with each segment representing strategic business units. These business segments consist of consumer banking, corporate banking, and treasury. Source: SEC Form 17-A (2008)