The merger between China Bank Savings (CBSI) and Planters Development Bank (Plantersbank) has secured the go-ahead from the Securities and Exchange Commission (SEC).
PlantersBank and CBSI, the thrift bank arm of China Banking, together operate with 165 branches.
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CBSI will emerge as the surviving entity following the integration process. The merged company will cater to small and medium enterprises.
Earlier this month, China Bank also unveiled plans to inject PHP2bn into CBSI after the SEC nod. The requirement was mandated by the Bangko Sentral ng Pilipinas (BSP) prior to giving the green light to the CBSI-Plantersbank integration.
The capital injection will bring the capital position of the companies to PHP6.1bn.
"The enhanced capital position will support future business growth of CBSI/Plantersbank in 2016 as it continues to expand in the consumer and SME sectors," China Bank stated in an earlier statement.
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