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.
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