MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has approved BDO Unibank’s acquisition of One Network Bank Inc., a leading player in Mindanao, from the Consunji family.
The purchase covers 105 branches and micro-banking offices in Mindanao and Panay, which are among BDO’s targeted growth areas.
The acquisition was in line with the Sy-led bank’s strategy to widen its presence in fast-developing markets in southern Philippines.
As of the end of September last year, ONB had total assets of P28.1 billion, net loans of P19.7 billion, and a deposit franchise amounting to P17.9 billion.
BDO said the purchase was also in support of the central bank’s thrust to promote inclusive banking through countryside branching and lending.
The move will enable ONB clients to access BDO’s strong balance sheet and expanded banking solutions while providing BDO inroads to new market segments.
BDO is the country’s biggest bank in terms of assets, loans, deposits, capital and trust funds. It has one of the largest distribution networks in the country, with 875 operating branches and 2,542 ATMs nationwide.