MANILA, July 21 (PNA) — Sy-led Banco de Oro Unibank Inc. (BDO) has completed the acquisition of Davao City-based One Network Bank Inc. (ONB).
In a disclosure with the Philippine Stock Exchange (PSE) Tuesday, BDO said it acquired ONB through share swap with the former issuing 64.5 million common shares to shareholders of one of the country’s largest rural bank.
The Bangko Sentral ng Pilipinas (BSP) gave the thumbs up on the acquisition on March 16, 2015.
The acquisition made ONB among BDO’s subsidiary and allows the Sy-led Bank to expand its operations in Mindanao and Panay Island.
ONB has 105 branches and micro-banking offices in Mindanao and Panay Island.
BDO, one of the country’s top bank, currently have 875 branches nationwide and a sole branch in Hong Kong. (PNA)