PHILIPPINE Business Bank (PBB), a thrift bank led by the group of Zest-O founder Alfredo Yao, has struck a deal to buy Insular Savers Bank Inc., the rural banking arm of the Martirez family.
In a disclosure to the Philippine Stock Exchange, PBB said it had acquired 100 percent of Insular Savers for P518.2 million.
“The rationale is to be able to further expand the business in the consumer side and then be able to acquire eight branches that can also contribute to service distribution for the bank,” PBB president Roland Avante said in an interview on Wednesday.
“With this acquisition we’re looking at (having) 133 branches (total) and then we’re still opening up some more branches in the second half of the year. I think by the end of the year, we should be well over 140 (in branch network),” Avante said.
PBB, which listed on the PSE in February 2013, has a market capitalization of close to P8 billion.