BDO Unibank Inc. (BDO), one of the banks owned by the country’s richest man Henry Sy, will acquire the Philippine unit of Citibank (Citi), the largest foreign commercial bank in the country.
In a filing with the Philippine Stock Exchange, BDO disclosed that it has signed a definitive agreement for the acquisition of Citibank Savings Inc., Citi’s thrift bank subsidiary in the Philippines.
The transaction is still subject to closing conditions and the approval of the Bangko Sentral ng Pilipinas, BDO said. No further details were disclosed.
Citi, according to its website, is the largest foreign commercial bank in the Philippines in terms of assets, revenues and profita-bility. It provides corporate banking, treasury, transactional banking, consumer banking and trust services.
Citibank Savings, on the other hand, has 10 branches, eight of which are in Metro Manila, while BDO has one of the largest distribution networks in the country with more than 790 operating branches and over 2,100 ATMs nationwide. It also has a branch in Hong Kong as well as 13 overseas remittance and representative offices in Asia, Europe, North America and the Middle East.