The largest bank in the Philippines
by assets, Banco de Oro Unibank (BDO), has agreed to acquire the
local unit of GE Money Bank (GEMB) in a deal expected to close
during the third quarter. Under the terms of the deal, GEMB’s
parent, General Electric (GE), will take a 1.5 percent stake in
BDO, with an option to increase its holding up to 10 percent.
GEMB has a Philippines network of 31 branches
and 38 ATMs and is focused on retail banking, with around 30,000
customers and 350 employees.
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GE entered the local banking sector in 2005
when it acquired a majority interest in Keppel Bank Philippines,
which it subsequently rebranded GE Money Bank. At the end of the
first quarter, BDO had total assets of PHP801 billion ($16.92
billion) and a network of 700 branches and 1,200 ATMs.
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