MANILA, Philippines - Security Bank Corp. announced Thursday it is acquiring 98% of Premiere Development Bank for P1.3 billion.
In a stock exchange disclosure, Security Bank said it signed an agreement with Premiere Bank's shareholders, including South China Resources Inc., on the sale.
South China, in a separate disclosure, said it was selling 351,454 shares in Premiere Bank at P181.7458 apiece. Its chairman, Edgardo Reyes, also sold 56,000 shares under his name.
The transactions are subject to regulatory approvals, the firms said.