outbrain
Close  

PBCom sells rural bank for P555.8M

/ 05:14 AM August 01, 2019

Retail magnate Lucio Co-led Philippine Bank of Communications (PBCom) signed a deal to sell its rural bank arm to Producers Savings Bank, a stand-alone thrift bank that has been acquiring smaller players.

PBCom agreed to sell its 99.98-percent stake in PBCom Rural Bank for P555.8 million, the bank disclosed to the Philippine Stock Exchange.

ADVERTISEMENT

“The move was meant to consolidate the efforts and resources at PBCom level, which has set as its strategy to focus on its core businesses and expand market to the ecosystem of its principals,” the bank said.

PBCom has reported first quarter 2019 net income of P382.6 million, a 116-percent increase year-on-year, as a result of strong interest and noninterest income.

FEATURED STORIES

Producers Bank is a small and medium enterprise-focused bank that has been a consolidator of rural banks. Before PBCom Rural Bank, it has previously acquired 17 other banking players. The most recent acquisitions were: Rural Bank of Pamplona (Camarines Sur) Inc., Rural Bank of President Quirino (Sultan Kudarat) Inc., Bangko Rural ng Pasacao (Camarines Sur) Inc., Bangko Rural ng Magarao (Camarines Sur) Inc., Rural Bank of San Fernando (Camarines Sur) Inc., Rural Bank of Barotac Nuevo Inc., Rural Bank of Sibalom (Antique) Inc. and Rural Bank of San Quintin (Pangasinan).

This savings bank aims to build a distribution network of 300 branches by 2020. —DORIS DUMLAO-ABADILLA

Subscribe to Inquirer Business Newsletter
Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Lucio Co, Philippine Bank of Communications (PBCom), Producers Savings Bank, rural bank, thrift bank
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.