MANILA, March 31 (PNA) — Listed Banco de Oro Unibank Inc. (BDO) will acquire up to 100 percent of the outstanding shares of One Network Bank (ONB), making the rural bank a subsidiary that will expand its distribution network.
In a disclosure to the Philippine Stock Exchange, BDO said it will buy 247,190,397 shares of ONB.
The purchases comprise 247,169,837 common shares and 20,540 government preferred “A” shares, each with par value of Php10 a-piece.
“The final purchase price will be based on the adjusted net asset value of ONB and will be fixed at completion date. Purchase price payable in BDO common shares or in cash,” the bank said.
The Bangko Sentral ng Pilipinas already approved BDO’s acquisition of ONB.
BDO said that with the acquisition, it aims to expand its distribution network by accessing new market segments in Mindanao and Panay Island.
ONB is one of the biggest rural banks in the country and has 105 branches and micro-banking offices in these areas. (PNA)