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Sta Cruz - Monte de Piedad

October 31, 2008

Did you know that the first bank in the Philippines was established in this small building just in front of the Sta Cruz Church? The Monte De Piedad Savings Bank, founded by a Franciscan Priest named Fr. Felix Huertas, was once established in this building since 1938.

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(The GE Money Bank - Oct 2008 Photo)

The name “Monte De Piedad” means “Mountain of Mercy”. Probably because this bank served as a pawnshop of the church for the people during those days. Monte de Piedad was originally located inside the Intramuros when it was first inaugurated on August 2, 1882. In 1894, it was transferred to Monte De Piedad Building (Now Prudential Bank Building) in Plaza Goiti (Now Plaza Lacson).

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(Original Monte De Piedad Building - Plaza Goiti)

In 1938, the bank was transferred in its new location in front of the Sta Cruz Church. This building was destroyed during the Second World War however it was reconstructed in 1946, and then resumed its operations in 1947. Even former Philippine President Manual Quezon was also part of its rich history, at one time he became employed in this bank as a clerk.

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(The GE Money Bank - Oct 2008 Photo)

During the 1990s, the bank was rehabilitated by Singapore’s Keppel Group, and then changed its name to Keppel Bank. At present, as part of a broader strategy of stepping up its deals in fast-growing markets in Asia, the bank was finally acquired by General Electric Co.

Posted by manilahub at 1:44 pm | permalink

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