AUB to buy Singapore-based remittance firm Pinoy Express

Asia United Bank (AUB) is buying 100 percent of Pinoy Express PTE Limited, a Singapore-based remittance company.

 

In a disclosure to the Philippine Stock Exchange on Tuesday, the bank said it expect to complete the transaction by the fourth quarter of 2015. 

 

The AUB board approved the acquisition to be settled in cash, noting that the valuation of Pinoy Express is less than 1 percent of the bank’s book value.

 

AUB said it is basing the purchase price on the historical income of Pinoy Express.

 

“The decision to invest in Pinoy Express PTE Limited is expected to improve Asia United Bank Corporation’s coverage of the Singapore remittance market,” the bank noted.

 

Pinoy Express, a remittance company licensed by the Monetary Authority of Singapore and which caters mostly to Filipinos in Singapore, is expected to increase AUB's earning per shares, the bank said. – Jon Viktor Cabuenas/VS, GMA News