Allied Bank was incorporated on April 1, 1977 and granted by the Central Bank of the Philippines the Certificate of Authority to operate as a commercial bank on May 20, 1977. It began its operations on June 2, 1977 with around 26 branches. On August 19, 1977, it was authorized to operate an expanded foreign currency deposit unit (FCDU), and in December 1981, it officially became an expanded commercial bank or universal bank.
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