Philippine Bank of Communications (PBCOM) recently signed an agreement with Rural Bank of Nagcarlan, Inc. (RBNI) to acquire all of its outstanding shares. PBCOM President & CEO Nina D. Aguas and RBNI chairperson and vice-president Nelita G. Cuento signed the deal.
MANILA, Philippines - Philippine Bank of Communications (PBCOM) is acquiring a rural bank in Laguna.
In a disclosure to the stock exchange, PBCOM corporate secretary Jovita Larrazabal said the bank signed a memorandum of agreement with the shareholders of the Rural Bank of Nagcarlan Inc. to acquire all its outstanding shares of stock.
"The acquisition of RBNI is in line with PBCOM's plans to expand its market reach and engage in countryside lending," it said.
The rural bank has six branches in Laguna.
The deal would still need the approval of the Bangko Sentral ng Pilipinas.