The country’s largest lender Banco de Oro Unibank is set to join the bidding for a controlling stake in United Coconut Planters Bank.
BDO chair Teresita Sy-Coson told reporters at the sidelines of the Shareholders Association of the Philippine (SharePHIL) forum on Wednesday that the Sy-led bank had purchased the bid documents for UCPB and stated its intention to join the bidding to be conducted by the government.
Asked why BDO was interested in UCPB, Sy-Coson said: “It’s the size. We need the size to be at least able to compete regionally. There are foreign companies coming in and they are big in size so our local companies, our local banks need to also be big.”
The BDO chief added that the bank was also “open to other potential acquisitions. We’re always open,” she said.
Other banks earlier reported to be keen on bidding for UCPB are Security Bank Corp., Rizal Commercial Banking Corp. and Robinsons Bank Corp.
BDO has long stated its interest in UCPB but is now making concrete moves as the government opened up the privatization process for the bank.
UCPB is the 12th largest bank in the country with more than 200 branches and about P260 billion in assets.
Based on government guidelines, interested bidders must submit pre-qualification documents this month and submit bids by Sept. 18.