BDO sees Mindanao expansion with One Network Bank acquisition

Sy-led BDO Unibank Inc. is expanding its presence to the Mindanao region with the acquisition of rural bank One Network Bank Inc.

 

BDO entered into an agreement with One Network Bank to acquire the latter's 105 branches and micro-banking offices in the Mindanao and Panay areas, the Sy-led firm said in a disclosure to the Philippine Stock Exchange Tuesday.

 

While the transaction is still subject to closing conditions and the necessary regulatory approvals, the move is in support of the Bangko Sentral ng Pilipinas (BSP) thrust to promote inclusive banking through countryside branching and lending.

 

BDO said the addition of One Network Bank to the BDO Group will give the Sy-led bank access to new market segments in Mindanao and Panay Island.

 

As of end-September, One Network Bank has total assets of P28.1 billion, net loans of P19.7 billion, and a deposit franchise amounting to P17.9 billion.

 

With the partnership, BDO said One Network Bank clients will be able to access BDO’s strong balance sheet and expanded banking solutions, while providing BDO inroads to new market segments previously underserved by commercial banks. — Danessa O. Rivera/RSJ, GMA News