Saturday, 12 June 2010

BDO plans to put up 40 more branches

Manila Bulletin

Banco de Oro Unibank (BDO), the country's largest, will spend P1 billion to open 40 more branches and has asked the Bangko Sentral ng Pilipinas (BSP) more time to re-deploy the branches it acquired when it bought thrift bank GE Money Bank last year.

BDO has 710 branches as of end-May and an additional 40 branches are expected to be operational in the next months. Industry sources said the estimated cost for the additional branches is P1 billion.

The Sy-controlled BDO requested for a six-month extension of the merger incentive to re-deploy the temporarily closed GE Money branches.

The BSP, in granting merger incentives such as additional branches, has required the opening or utilization of the branches within three months after a specified time.

BDO acquired GE Money and its 31 branches in mid-2009. It also acquired its 30,000 customers and a loan portfolio worth P6.88 billion and deposits of P8.5 billion.

The bank, with total resources of P847.7 billion, is also negotiating for the buyout of mid-size bank, Export and Industry Bank (Exportbank).

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