BDO, Equitable to speed up integration

Banco de Oro Universal Bank (BDO) and the Equitable PCI Bank (EPCIB) are speeding up their integration process with the entry of Macquarie Securities Inc.

The two major commercial banks were involved in a share swap agreement last year, resulting in a merger with the surviving bank, to be known as Banco de Oro-EPCI Bank Inc.

Immediately after the share swap agreement, BDO officials estimated that it would take over a year to complete the integration of the two banks.

The initial stage will involved the integration of operational levels estimated to be completed after April this year. But with the entry of Macquarie, officials expect the integration to be completed by the end of March.

"We could very well hit the first quarter target," EPCIB vice chairman Teresita Sy-Coson said.

Specifically, the EPCIB head office and all its branches must be linked up with the BDO network.

Bank officials are still optimistic that the actual merger could be completed before the May elections.

Last week, BDO listed an additional 1,308,606,021 common shares with a par value of P10 per share to cover the merger with EPCIB. The additional shares will pave the way for the delisting of the EPCIB from the bourse.

To be consolidated are PCI Automation Center Inc. and Equitable Data Center Inc., two information technology subsidiaries. Equitable Exchange Inc. will be absorbed by EBC Investments Inc.

PCI Capital Corp. and EBC Capital Corp. will be merged but its continued existence will depend on the "new" bank management. Earlier, Equitable Card Network Inc. was dissolved, with its business absorbed by the credit card unit of BDO.