Banco de Oro-EPCI buys American Express Phils

Banco de Oro-EPCI on Tuesday disclosed that it has purchased the American Express business in the Philippines. In a statement to the Philippine Stock Exchange, Banco de Oro, the lending unit of the SM Group of Companies, said the purchase includes 100 percent equity in American Express Savings Bank and the American Express Philippine Dollar Charge Card portfolio. The company, however, did not provide the purchase price in its disclosure. Banco de Oro said the closing of the transaction is expected within three months and is subject to regulatory approvals. - GMANews.TV