BDO acquires Rural Bank of San Juan

ABS-CBN News

Posted at May 28 2012 12:04 PM | Updated as of May 29 2012 01:14 AM

MANILA, Philippines - The Sy-led BDO Unibank Inc. on Monday said it has acquired the Rural Bank of San Juan Inc. (RBSJI), subject to certain conditions, after getting approvals from Philippine monetary officials.

Under the memorandum of agreement, BDO Unibank Inc. will assume RBSJI's liabilities and recorded assets.

The transaction is seen to be completed by end-July this year, upon compliance with the closing conditions under the agreement.

Founded in 1953, RBSJI operates as a rural bank with 30 branches in Metro Manila and Luzon -- the largest branch network for a rural bank in the country.

Earlier, BDO Unibank Inc. made a bid for Export and Industry Bank (EIB) before monetary officials closed it down because it can no longer meet obligations.