The Securities and Exchange Commission has given its approval to the planned merger of listed EastWest Banking Corp. and Green Bank Inc., the largest rural bank in Mindanao.
“We would like to inform the exchange that the Securities and Exchange Commission has formally approved the plan and articles of merger of EastWest Banking, Corp. and Green Bank Inc.,” EastWest told the local bourse on Friday.
Green Bank, a Butuan City-based bank, provides financial products and services to rural communities.
The bank became the largest rural bank in the Caraga region after it consolidated with the Rural Bank of Alegria in 2000. Aside from its 46 branches, Green Bank has 94 kiosks around the country.
EastWest will be the surviving entity after the merger with Green Bank.
The Bangko Sentral ng Pilipinas (BSP) gave the green light to the merger more than a month ago, following the approval given by Philippine Deposit Insurance Corp. (PDIC) in November last year.
EastWest first announced the planned merger with Green Bank in 2011, specifying that this transaction would support the expansion of its synergies across the country.