BDO gets regulator's nod
August 11, 2009 | 12:00am
MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has flashed the green light for the official integration of GE Money Bank into the fold of the country’s top lender and biggest bank, Banco De Oro Unibank Inc. (BDO).
The approved transaction will pave the way for BDO’s absorption of 31 branches, 30,000 customers, and 38 ATMs nationwide of thrift bank GE Money Bank.
Likewise, the regulator’s approval allows GE Capital to make a strategic investment by purchasing 1.5 percent of BDO’s outstanding voting stock. GE Capital is the financial services arm of New York-listed General Electric Co.
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