BDO buys Deutsche Bank’s trust business

FILE PHOTO

MANILA, Philippines – Banco de Oro Unibank has signed a deal to acquire the Philippine trust business of Deutsche Bank AG, expanding its assets under management by over P70 billion.

In a disclosure to the Philippine Stock Exchange on Monday, BDO said it had signed a definitive agreement for the acquisition of the trust business of Deutsche Bank AG’s Manila Branch comprising trust, fiduciary and investment management activities.

The transaction is subject to closing conditions and applicable regulatory approvals, the disclosure said.

Deutsche Bank had “over P70 billlion” in assets under management as of the end of 2013, BDO president Nestor Tan said in a text message.  BDO, on the other hand, ended last year with over P770 billion in assets under management.

This deal is thus estimated to beef up the assets of the SM-led bank to around P840 billion, one of the biggest in the local banking and finance industry.