Tuesday 23 July
Feb 11, 2019 @ 18:10

BDO buys rural bank in Bulacan

 

The Sy family is expanding their banking business in Central Luzon.

BDO Unibank, Inc. revealed on Monday, Feb. 11 a bold expansion plan for its subsidiary, One Network Bank, Inc. (ONB).

In a statement, the country’s biggest bank said they will be acquiring the Rural Bank of Pandi Inc. to boost their banking presence in Bulacan.

“The transaction is seen to provide ONB a stronger presence in the province and fast track its expansion in Central Luzon, one of the most progressive areas in the country,” BDO said in a statement.

The Sy clan has already closed a deal with the rural bank’s founders, the Andres and Santos families, to secure the bank’s customer base across 12 branches in the province.

The merger deal will still have to clear regulatory approvals before deemed final.

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