BSP OKs BDO purchase of American Express

Sy-led Banco de Oro- EPCI Inc. on Wednesday disclosed that the Bangko Sentral ng Pilipinas has approved its acquisition of American Express Bank Philippines Inc. In a statement to the Philippine Stock Exchange, BDO said the BSP gave its go signal to acquire and put an equity investment in 100 percent of the outstanding capital stock of American Express. Earlier Nestor Tan, BDO president, said the bank would be buying the consumer banking services of American Express Savings Bank and American Express' peso an US dollar charge card portfolio to allow BDO to "fill the gap in the higher-end market". Tan also said the plan was to consolidate American Express savings Bank with BDO, subject to regulatory approval. - GMANews.TV