Tuesday 19 February
Mar 13, 2018 @ 8:41

One Network Bank quits wealth management business


This rural bank is refocusing priorities.

One Network Bank, Inc. has surrendered its license to operate a trust unit, a move which has been approved by the Bangko Sentral ng Pilipinas (BSP).

The rural bank based in Davao City has surrendered its trust license to the BSP. This comes years after bilyonaryo Henry Sy acquired the biggest rural lender and placed it as a subsidiary of BDO Unibank, Inc.

The BSP made the announcement in March, saying that the Monetary Board approved the surrender of trust license on Feb. 1, 2018.

All fund management may now be under BDO’s watch while One Network Bank does its own thing.

Please follow and like us:

Tags: , , , ,

Related Stories
The Sy family is expanding their banking business in Central Luzon.
Rates will go even higher starting Friday, Nov. 16.
Another problem bank bites the dust.
The Supreme Court (SC) has denied the petition filed by Banco Filipino Savings and Mortgage


Trending News

Recommended on sister sites

Copyright © 2019 Bilyonaryo - Latest news on the richest Filipinos and Family Business.