MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has approved the merger of BDO Unibank Inc. and the Podium Complex Inc.
In a disclosure to the Philippine Stock Exchange, BDO said it has received the approval of the BSP for the merger.
It also secured a confirmation of non-coverage from compulsory notification from the Philippine Competition Commission.
With BSP’s approval, the country’s largest bank owned by the family of the late retail and banking magnate Henry Sy is just waiting for the approval from the Securities and Exchange Commission (SEC).
The timetable for the implementation of the merger will depend on the final approval of the SEC.
BDO’s board of directors approved in January the merger of the bank and its wholly owned subsidiary Podium, with BDO as the surviving entity.
Podium owns the Podium Mall and West Tower.
As a result of the merger, the assets, rights and liabilities of Podium will accrue to and be owned by BDO.
In exchange, common shares of BDO will be issued to the shareholders of Podium.