MANILA – Philippine Business Bank (PBB) is planning to acquire Rural Bank of Kawit Inc. as part of its expansion strategy this year.
In a disclosure to the Philippine Stock Exchange on Thursday, PBB said its board has approved the proposal to acquire “all issued and outstanding shares of stocks of Rural Bank of Kawit, lnc., including the deposit for subscriptions.”
PBB, the financial arm of the Yao group of companies, said it will acquire 486,525 shares of the bank for P30.83 per share amounting to an estimated P15 million.
The bank noted that the acquisition is still subject to the approval of Bangko Sentral ng Pilipinas (BSP) and other regulatory agencies.
The BSP recently granted licenses to PBB to open 21 new branches this year.
PBB, which focuses on small- and medium-scale enterprises, is planning to add 3 more branches in Cebu and 3 in Davao this year. It currently has 3 branches in Cebu and 2 in Davao.
"The vision of the bank is very simple: to build business communities in the places where we are," PBB president and chief executive Rolando Avante earlier said.