THE COUNTRY’S leading lender Banco de Oro Unibank has taken in a unit of US-based global private investment firm TPG as a strategic partner in its Davao-based rural bank arm One Network Bank (ONB).
TPG Growth, the middle market and growth equity investment platform of TPG, has agreed to acquire a 40-percent stake in ONB while BDO will keep a 60-percent ownership.
“We look forward to working with TPG to accelerate ONB’s expansion and to develop new products to cover the underserved market segments,” said Nestor Tan, BDO president and chief executive officer. “Through this partnership, ONB will benefit from TPG’s global experience in financial services, especially in developing markets.”
Based in Davao, ONB has more than 100 branches and offices. BDO acquired ONB from the Consunji family last year for about P6.67 billion.
The valuation of the buy-in deal with TPG was not disclosed.
“TPG has worked with many highly impactful financial services businesses across Asia. Our insight in the sector has come from years of identifying and developing the full potential of strong businesses,” said Ganen Sarvananthan, head of TPG Southeast Asia. Doris Dumlao-Abadilla