BDO subsidiary acquires Rural Bank of Pandi

One Network Bank Inc. (ONB), a subsidiary of BDO Unibank Inc., has signed an agreement to acquire the banking business of Rural Bank of Pandi Inc. in Bulacan.

“The transaction is seen to provide ONB a stronger presence in the province and fast track its expansion in Central Luzon, one of the most progressive areas in the country,” BDO said in an emailed statement.

Founded in 1967, the rural bank caters to the small and medium enterprises (SMEs) in Bulacan province where it operates 10 branches.

BDO said the transaction is subject to closing conditions and applicable regulatory approvals, but did not provide further details.

According to data from the Bangko Sentral ng Pilipinas (BSP), BDO Unibank Inc. was the largest bank in the country in terms of assets of P2.788 trillion.

BDO’s local subsidiaries include BDO Private Bank Inc., BDO Leasing and Finance Inc., BDO Capital & Investment Corporation, BDO Nomura Securities Inc., and BDO Insurance Brokers Inc.

The bank also has subsidiaries in Hong Kong, USA, Japan, Europe, Germany, and Canada.

It counts as associates Manila North Tollways Corporation, SM Keppel Land Inc., Northpine Land Incorporated, Taal Land Inc., and MMPC Auto-Financial Services Corporation. —Jon Viktor Cabuenas/VDS, GMA News