MANILA – The Philippine Bank of Communications (PBCOM) is set to acquire a majority stake in Banco Dipolog, Inc. (BDI) to strengthen its presence in Mindanao.
BDI, a multi-branch rural bank headquartered in Dipolog City, Zamboanga del Norte, has 11 branches and 7 other banking offices located in Mindanao and the Visayas.
The acquisition will also give BDI’s client base an expanded suite of products and services that PBCOM offers as a commercial bank.
“Expanding our footprint across the country through these acquisitions will allow us to contribute to the development and strengthening of communities nationwide,” PBCOM President and chief executive Nina Aguas said.
“We are committed to strengthening our franchise in the SME banking space, and our acquisitions of these rural banks are key elements of our strategy,” Aguas added.
The memorandum of agreement between the two banks is subject to the approval of the Bangko Sentral ng Pilipinas.
BDI, which caters primarily to small entrepreneurs, educators, farmers and government employees, has over P1 billion in total assets as of December 2013.
PBCOM announced in March this year that it had acquired the Rural Bank of Nagcarlan, a 6-branch bank in Laguna.