BDO secures approval to absorb GE Money Bank's branches, ATMs

Banco De Oro Unibank, Inc. (BDO), the Philippines’ largest bank, has secured regulatory approval to absorb GE Money Bank's 31 branches, 30,000 customers, and 38 ATMs nationwide. The Bangko Sentral ng Pilipinas (BSP) approved the equity investment of GE Money Bank in the Sy-led lender, BDO said in a statement. In May, BDO disclosed that General Electric Co. agreed to transfer its Philippine financial services unit in exchange for a strategic investment that will be completed likely within the third quarter. GE Capital will initially acquire a 1.5 percent stake with an option to increase it further to 10 percent in BDO. GE Capital is the financial services arm of New York-listed General Electric Co. BDO has a network of over 700 branch licenses and more than 1,200 ATMs. A leading global provider of innovative financial products and services, GE acquired a majority interest in Keppel Bank Philippines in 2005. It was renamed as GE Money Bank. Sy-led BDO shares closed 1.39 percent weaker at P35.50. - Ruby Anne M. Rubio, GMANews.TV