PSBank is a subsidiary of Metrobank, and as such is affiliated with it. PSBank is also affiliated with Toyota Financial Services Philippines Corporation (TFSPC), where it currently has a 25% stake.
PSBank competes with other savings banks, such as BPI Family Savings Bank and RCBC Savings Bank. The bank is also competing against multinational savings bank such as Citibank Savings and HSBC Savings. However, since PSBank is considered a major bank, it also competes with bigger financial institutions. It does not, however, aggressively compete with parent company Metrobank.
Controversies
Impeachment of Renato Corona
In February 2012, PSBank officials were about to receive a subpoena request in connection with the Impeachment of Renato Corona due to the allegations of a secret US$ account under the name of Renato Corona.[3] The PSBank executives were also asked to bring consumer identification and specimen signature card(s) of the bank account(s) under Corona's name which won ₱1 million in the PSBank Monthly Millions Raffle Promo.[4]
Pork barrel case
During the senate investigations involving the Priority Development Assistance Fund scam, also known as the pork barrel scam, PSBank was one of the domestic banks included in the senate inquiry about the bank accounts of the whistleblowers.[5] Moreover, the bank was included as one of the banks from which Senator Ramon Revilla Jr. and his family, as well as those of Janet Lim-Napoles and her pseudo-NGOs, have utilized to launder the controversial "pork barrel" funds.[6]
