Sy Group's China Bank to buy Planters Development Bank

SM Group's China Banking Corp. is set to acquire small and medium enterprise lender Planters Development Bank chaired by former Ambassador to United Kingdom Jesus Tambunting.

 

In a disclosure to the Philippine Stock Exchange Wednesday, China Bank said its board of directors approved the "acquisition of more than two-thirds of the outstanding subscribed capital stock of Planters Development Bank, by way of a Memorandum of  Agreement."

 

China Bank said the acquisition is subject to the approval "of at least two-thirds of the outstanding capital stock of the bank, the approvals of the regulatory offices, and/or the execution of the relevant documents later."

 

Bank directors also authorized chairman Hans T. Sy, vice chairman Gilbert U. Dee, president and CEO Peter S. Dee, senior executive vice president and COO Ricardo R. Chua to complete the transaction Planters Developmetn Bank.

 

China Bank posted a 46-percent jump in consolidated profits in the first semester to P2.96 billion from P2.03 billion a year earlier on hefty contributions from core operations. 

 

The bank targets to open a total 67 branches this year and to have a combined branch network of 415 with thrift unit China Bank Savings by 2014. – DOR/VS, GMA News