BDO Unit acquires Rural Bank of Pandi

2019 February - BDO’s subsidiary, One Network Bank Inc. (ONB), has signed an agreement with Rural Bank of Pandi Inc. (RBPI) to acquire the latter’s banking business in Bulacan.


The transaction is seen to provide ONB a stronger presence in the province and fast track its expansion in Central Luzon, one of the most progressive areas in the country.


The Andres and Santos families founded RBPI in 1967, and with their dedication and perseverance, established RBPI into one of the best performing rural banks with a strong presence among small- and medium-sized enterprises (SME) in the province of Bulacan, where it currently has 12 branches.


The transaction is still subject to closing conditions and applicable regulatory approvals.


ONB is considered the largest rural bank in terms of assets as of December 31, 2017. It provides deposit-taking, salary loans, and loans for micro, small, and medium enterprises (MSMEs) in areas considered unbanked or underserved by banks.


BDO Unibank Inc. has over 1,200 branches and more than 4,000 ATMs, one of the most expansive distribution networks in the Philippines. It is the largest bank in terms of total assets, loans, deposits, and trust funds under management based on published statements of condition as of June 30, 2018.