ONE Network Bank, Inc. (ONB) is acquiring Rural Bank of Pandi, Inc. (RBPI), which is expected to bolster its presence in Central Luzon.
In a regulatory filing Monday, BDO Unibank, Inc. said its rural banking arm has signed an agreement with the Bulacan-based lender to acquire its business and operations.
“The transaction is seen to provide ONB a stronger presence in the province and fast-track its expansion in Central Luzon, one of the most progressive areas in the country,” BDO said.
The transaction is still subject to closing conditions and regulatory approvals.
According to its website, RBPI was established by the Andres and Santos families in 1967.
RBPI operates 10 branches in Bulacan, including in Sta. Maria, Baliwag, Angat, Balagtas, San Miguel, San Jose del Monte, San Rafael and Bocaue in Bulacan.
It offers savings and time deposit accounts, as well as agricultural, commercial, industrial and other loans.
As of end-June 2018, the rural bank has total assets amounting to P1.31 billion. Total loans were at P775.68 million, while total deposits amounted to P1.05 billion.
In July 2015, BDO completed the acquisition of Davao-based ONB from the Consunji group. ONB operates 120 branches and over 220 automated teller machines, most of which are located in Mindanao.
As of end-June 2018, ONB was the biggest rural bank in the country in asset terms with P27.15 billion, central bank data showed. — Karl Angelo N. Vidal