The central bank of Philippines has revoked the banking license held by Banco De Oro Savings Bank, a dormant subsidiary of Philippines’ BDO Unibank.

Banco De Oro Savings Bank has also been barred from carrying out trust and fiduciary operations, BDO said in a disclosure to the Philippine Stock Exchange.

"The surrender of the banking and trust licenses of Banco de Oro Savings Bank, Inc. to the Bangko Sentral ng Pilipinas is part of BDO’s streamlining initiatives since the former has become an inactive subsidiary," the Filipino lender.

BDO further said that the subsidiary will eventually be integrated with another subsidiary, BDO Capital & Investment.

The subsidiary became part of BDO in 2014 after its acquisition of Citibank Savings, Citigroup’s thrift banking unit in the Philippines. The unit was rebranded as Banco De Oro Savings Bank after the takeover.

At that time, Citibank Savings operated with 10 branches in the Philippines, namely eight in Metro Manila, one in Pampanga, and another in Davao.

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