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BDO Export Bank still hopeful on deal
Wednesday, 02, June 2010


BANCO DE ORO UNIBANK AND Export and Industry Bank still aim to consummate a deal involving the takeover by BDO of the latter’s banking assets.“We are hopeful that regulatory approval will be forthcoming soon,” EIB told the Philippine Stock Exchange Tuesday.The bank added that it was keen on concluding the transaction with BDO and was simply awaiting regulatory approvals.

BDO chair Teresita Sy-Coson also said: “We are not happy with the current progress but we continue to be in discussion with them.”The terms of the BDO takeover had been drawn up in October last year but has not been approved by banking regulators.BDO president Nestor Tan said that while there were issues to handle, the Sy-owned bank would like to complete the transaction soon.Under the proposed framework, BDO will purchase selected assets and assume about P30 billion in liabilities, including about P20 billion in deposits and about P9 billion in outstanding loans to state-owned Philippine Deposit Insurance Corp.
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