BDO Unibank not bidding for San Miguel stake in Bank of Commerce

The Philippines' largest lender, BDO Unibank Inc., said on Monday it is not bidding for industrial conglomerate San Miguel Corp.'s controlling stake in mid-sized lender Bank of Commerce.

 

"We are not bidding for Bank of Commerce," BDO President Nestor Tan told Reuters in a text message.

 

Last month, San Miguel said it was evaluating an offer from Japan's Mizuho Financial Group Inc. to buy its majority stake in unlisted Bank of Commerce, the country's 15th-largest lender by assets.

 

A Philippine daily on Monday reported that BDO and Asia United Bank had expressed interest in acquiring Bank of Commerce. – Reuters