BDO unit to acquire Bulacan rural bank in Central Luzon expansion

ABS-CBN News

Posted at Feb 11 2019 09:31 AM

A BDO Unibank sign is shown in this file photo. The Philippines' largest lender will issue on Feb. 11, 2019 P35 billion in fixed rate peso bonds. Mark Demayo/ABS-CBN News

MANILA -- BDO Unibank, the country's largest lender, said it would acquire a rural bank in Bulacan with 10 branches to fast track its expansion in Central Luzon.

BDO unit One Network Bank Inc signed an agreement with the Rural Bank of Pandi Inc to acquire its banking business, BDO told the stock exchange.

The banking arm of the SM Group did not disclose the value of the planned acquisition.

Founded in 1967 by the Andres and Santos families, Rural Bank of Pandi is one of the best performing rural lenders with a "strong" presence for small and medium enterprises, BDO said.