BdO unit acquires Bulacan bank

Listed lender BdO Unibank Inc. (BdO) on Monday announced that its unit, One Network Bank Inc., (ONB) has acquired the lending business of Rural Bank of Pandi Inc. (RBPI).

ONB serves as the rural bank unit of BdO. Its acquisition of RBPI is part of its expansion initiative.

“The transaction is seen to provide ONB a stronger presence in the province and fast track its expansion in Central Luzon, one of the most progressive areas in the country,” the country’s largest lender said in a regulatory filing.

Founded in 1967 by the Andres and Santos families, RBPI currently has 10 branches in Bulacan, three of which were launched in March last year. The multi-awarded rural bank has a strong small and medium enterprise presence in the province.

The Sy-led bank added that the transaction is still subject to closing conditions and applicable regulatory approvals.

BdO is currently the country’s largest bank in terms of total assets, loans, deposits and trust funds, and also has one of the largest distribution networks. It has more than 1,300 operating branches and over 4,000 ATM nationwide.

Abroad, it also has full-service branches in Hong Kong and Singapore on top of 22 overseas remittance and representative offices in Asia, Europe, North America and the Middle East.