PBCOM buys out rural bank in Mindanao

THE Philippine Bank of Communications (PBCOM) has agreed to buy out a rural bank with more than 10 branches across the Visayas and Mindanao regions, a move that should support the listed bank’s expansion in rural areas.

Formerly led by tycoon Roberto Ongpin, PBCOM said it already signed on Monday a deal with the controlling stockholders of Banco Dipolog Inc. (BDI) for the purchase and acquisition of no less than 90 percent of the outstanding common stock of BDI.