BDO unit buying Rural Bank of Pandi

MANILA, Philippines – The rural banking arm of leading local lender BDO Unibank has signed a deal to acquire 52-year-old Rural Bank of Pandi Inc. (RBPI), strengthening its footprint among small and medium enterprises (SMEs) in Bulacan.

With this transaction, BDO’s One Network Bank Inc. (ONB) is seen to establish a “stronger presence in the province and fast track its expansion in Central Luzon, one of the most progressive areas in the country.”

The deal is still subject to closing conditions and applicable regulatory approvals, BDO disclosed to the Philippine Stock Exchange on Monday.

The Andres and Santos families founded RBPI in 1967, since then building the institution into what BDO now describes as “one of the best performing rural banks with a strong SME presence in the province of Bulacan, where it currently has 10 branches.” /kga