Bangko Sentral green-lights EastWest, Green Bank merger

The merger of EastWest  Banking Corp. and Agusan del Norte-based Green Bank Inc. is a step closer to reality after Bangko Sentral ng Pilipinas approved the deal, particularly when the Securities and Exchange Commission green-lights the deal.

Publicly listed EastWest on Thursday said in a disclosure to the Philippine Stock Exchange it will make an announcement once the SEC finally approves the merger, which already received the blessings of Philippine Deposit Insurance Corp.

“We would like to inform the exchange that the Bangko Sentral ng Pilipinas, in its letter dated 2 April 2014, has formally approved the Plan of Merger and Articles of Merger of East West Banking Corp. and Green Bank Inc. with EW as the surviving entity,” the disclosure read.

The merger is part of the EastWest business strategy to boost its network in Mindanao and spread its services to people in unbanked places, president and chief executive Antonio Moncupa earlier said.

Green Bank or Rural Green Bank of Caraga is the largest bank in the region in asset terms with 46 branches in the Visayas and Mindanao. –  VS, GMA News