BDO concludes purchase of GE Money Bank

GE Money Bank, Inc. (GE Money) is now a subsidiary of Sy-led Banco De Oro Unibank Inc. (BDO) after the country’s largest bank completed the purchase of its shares. In a disclosure, BDO corporate information officer Elmer B. Serrano said the bank has bought the 98.91 percent outstanding common stock and all the preferred capital stock. At the same time, BDO issued 37.74 million new common shares to GE Capital Philippines Investment Holdings at P34.45 per common share for a total of P1.3 billion. The subscription price was based on the average closing price for the last 10 trading days, he said. BDO shares opened at P35 on Tuesday. "We see this as a win‐win situation for both companies. We are very pleased to be working with GE and look forward to exploring opportunities for future collaboration," BDO president Nestor V. Tan said. Mark Arnold, chief executive of GE Capital Global Banking in Southeast Asia, is pleased with the transaction with BDO. “With its superior market presence and clear strategy for growth we believe BDO will provide our business, people and customers with the best opportunities for long‐term success. As such, we look forward to exploring potential opportunities for further collaboration in the future," he said. GE Capital has an option to buy at a price of P33 per option share such additional BDO common shares will bring its initial stake in BDO to 10 percent of the outstanding voting stock of the listed bank. - Ruby Anne M. Rubio, GMANews.TV