PDIC okays BDO takeover of Export Bank

MANILA, Philippines—Tycoon Henry Sy’s Banco de Oro Unibank has obtained approval from the state-run Philippine Deposit Insurance Corp. to take over all the assets and liabilities of Export & Industry Bank.

BDO and Export Bank separately disclosed to the Philippine Stock Exchange on Wednesday their receipt of the notice of the PDIC’s approval of the purchase of all assets in consideration of all liabilities, including the deposits.

“The transaction is still subject to the execution of definitive agreements and documentation acceptable to the parties and PDIC and the fulfillment of certain closing conditions, which include the final approval of the Monetary Board,” the disclosure from BDO said.

Export Bank said the PDIC has also reconfirmed its approval of the former’s sale of its thrift bank unit EIB Savings Bank.