MANILA, Philippines - BDO Unibank Inc. on Tuesday said it will no longer participate in the auction for the shuttered Export and Industry Bank Inc. (Exportbank).
"We confirm that BDO ... does not intend to submit the requirements of the Philippine Deposit Insurance Corp. for its re-bidding for the rehabilitation of the [Exportbank]," the Sy-led bank said in a disclosure.
BDO was one of the first banks that expressed interest over acquiring Exportbank after the shuttered bank was placed under the receivership of PDIC in April last year.
However, the bidding of the rehabilitation for the closed bank has long been delayed due to among others, the failure of getting the consent of majority of its stockholders.
Still, the PDIC last week announced the rebidding of the rehabilitation of the Exportbank will be held on March 20.