The Philippines Securities and Exchange Commission (SEC) has granted permission for the proposed merger of Gotianun-led East West Banking with Agusan del Norte-based Green Bank.
"The Securities and Exchange Commission (SEC) has formally approved the Plan and Articles of Merger of (EastWest Bank) and Green Bank… with (EastWest Bank) as the surviving entity," Green Bank said in a disclosure to the Philippine Stock Exchange, as reported by bworldonline.com.
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"The certificate of approval was issued by the SEC on June 5, 2014," the bank told the publication.
Earlier in April, the Bangko Sentral ng Pilipinas approved the planned merger, while The Philippine Deposit Insurance granted its approval for the merger in November last year.
EastWest Bank, a subsidiary of the Filinvest Development purchased Green Bank, which is based in Butuan City, in August 2011. EastWest Bank provides an array of consumer banking services.
The acquisition of Green Bank, which offers microfinance services, will serve as an entry point for EastWest Bank into the attractive microfinance business.
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