BDO’s ONB buys Bulacan rural bank
By James A. Loyola
One Network Bank Inc. (ONB), a subsidiary of BDO Unibank, Inc. (BDO), has signed an agreement to acquire the banking business of Rural Bank of Pandi Inc. (RBPI) in Bulacan.
In a disclosure to the Philippine Stock Exchange, BDO said the transaction is seen to provide ONB a stronger presence in the province and fast track its expansion in Central Luzon, one of the most progressive areas in the country.
The Andres and Santos families founded RBPI in 1967, and with their dedication and perseverance, established RBPI into one of the best performing rural banks with a strong SME presence in the province of Bulacan, where it currently has 12 branches.
The transaction is still subject to closing conditions and applicable regulatory approvals.