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BDO completes buyout of Citibank Savings

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MANILA, Philippines—The country’s largest lender, Banco de Oro Unibank, has completed its acquisition of the 10-branch Citibank Savings Inc., thereby expanding BDO’s retail banking presence.

The former thrift banking unit of the American bank will be renamed Banco de Oro Savings Bank, BDO told the Philippine Stock Exchange.

BDO chalked up a record-high net profit of P22.6 billion in 2013, beating the earnings performance of any other Philippine bank for the first time.

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TAGS: Banco de Oro, BDO, buyout, Citibank Savings, Unibank
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