BDO secures BSP's nod on GEMB acquisition

Banco De Oro Unibank, Inc. has secured the approval of the Bangko Sentral ng Pilipinas (BSP) on its acquisition of GE Money Bank.

The approved transaction will pave way for BDO's absorption of GEMB's 31 branches, 30,000 customers, and 38 ATMs nationwide.

The same agreement also allows GEMB's parent firm GE Capital to make a strategic investment by purchasing 1.5 percent of BDO's outstanding voting stock. GE Capital is the financial services arm of New York-listed General Electric Co.

At the end of the first quarter 2009, BDO was number one in terms of total resources, trust assets, loans and deposits. It has a network of over 700 branch licenses and more than 1,200 ATMs.

GE, meanwhile, is a leading global provider of innovative financial products and services. In 2005, it acquired a majority interest in Keppel Bank Philippines, which it later renamed as GE Money Bank. It is known for its global competencies in risk management, analytics, business management practices, and has a strong track record of growth in emerging markets.