BDO Unibank Inc., the listed banking arm of the SM Group, has completed the acquisition of the largest rural bank in Mindanao in a bid to grow its presence in the region in line with its expansion target.
In two separate disclosures to the stock exchange, BDO said it secured a share swap with One Network Bank Inc. (ONB) on Tuesday for 99.59 percent outstanding capital stock in the rural bank, amounting to 247.37 million ONB common shares.
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