Banco de Oro Unibank (BDO) announced on Monday it has acquired the trust business of Deutsche Bank AG’s Manila branch.
In a disclosure to the Philippine Stock Exchange, the bank said that it has signed a “definitive agreement for the acquisition of the trust business of Deutsche Bank AG, Manila Branch in the Philippines comprising trust, fiduciary and investment management activities.”
”The transaction is still subject to closing conditions and applicable regulatory approvals,” it added.
BDO, the country biggest bank, provides a wide range of corporate and retail banking services and is the market leader in most of its businesses.
These include traditional loan and deposit products, as well as treasury, trust banking, investment banking, private banking, cash management, leasing and finance, remittance, insurance, retail cash cards and credit card services.
In mid-1995, Deutsche Bank obtained a full commercial banking license after operating as an Offshore Banking Unit (OBU) in Manila since 1977.
Today, the Deutsche Bank Group in the Philippines consists of joint venture Deutsche Regis Partners and subsidiary Deutsche Knowledge Services, and employs over 2,000 staff in the country.
Besides the acquisition, BDO also entered into a partnership with financial services group Nomura Holdings Inc.
Nomura is a leading financial services group and preeminent Asia-based investment bank with global reach. It provides a broad range of innovative solutions tailored to the specific requirements of individual, institutional, corporate and government clients through an international network in over 30 countries.
BDO and Nomura have entered into partnership to further expand their products for their respective corporate and individual clients.