PBCOM started as the Philippine branch of the Chinese Bank of Communications, which became one of the first non-American foreign commercial banks to operate in the Philippines (foreign because it was under Chinese control at the time) with the granting of its banking license on August 15, 1939. It was incorporated and registered with the Securities and Exchange Commission on August 23 and started operations on September 4. The bank started operations at the ground floor of the Trade and Commerce Building on Juan Luna Street in Binondo, Manila, with a staff of twenty men, all below the age of thirty and many fresh out of school.