BDO buys another thrift bank to expand client base

Sy-led BDO Unibank Inc., the largest Philippine bank in terms of assets, loans, deposits, capital and trust funds, is buying another thrift bank as part of the strategy to expand market reach and client coverage.

 

In a disclosure to the Philippine Stock Exchange Monday, the bank said it signed a deal with The Real Bank (A Thrift Bank) Inc. to buy all of its assets and assume all its liabilities on record. 

 

BDO noted Real Bank has a deposit base of P7.2 billion and 24 branches operating in Metro Manila and in the provinces of Rizal, Bulacan, Pampanga, Cavite, Laguna and Batangas.

 

"The transaction is still subject to closing conditions, and necessary regulatory approvals," the disclosure read.

 

Once green-lit by regulators, Real Bank will be the second thrift bank acquired by BDO this year.

 

Last March, the Sy-led bank completed the acquisition of Citibank Savings Inc. – Citi’s thrift bank subsidiary in the Philippines – which will be renamed Banco De Oro Savings Bank Inc.

 

Other BDO acquisitions included the Amex Savings Bank in 2007, GE Money in 2009, and Rural Bank of San Juan in 2012. – Danessa O. Rivera/VS, GMA News