BDO Unibank buys Citi Group's thrift bank unit

BDO Unibank Inc., the Sy Group's banking unit, is acquiring the local savings bank of global financial lender Citi Group.

 

In a disclosure to the Philippine Stock Exchange, BDO said it signed a definitive agreement to acquire Citibank Savings Inc. – Citi’s thrift bank subsidiary in the Philippines. 

 

"The transaction is still subject to closing conditions and the approval of the Bangko Sentral ng Pilipinas," the disclosure read.

 

BDO did not disclose any other details on the transaction.

 

Citibank Savings has 10 branches, eight of which are in Metro Manila, according to its website.

 

In the first nine months, BDO said net income rose by 73 percent to P18.2 billion from P10.5 billion a year earlier on continued growth of core businesses. – Danessa Rivera/VS, GMA News