BDO completes acquisition of Citi's thrift bank unit

Posted at 03/26/14 11:57 AM

MANILA, Philippines – BDO Unibank Inc. (BDO) announced on Wednesday that it has completed the acquisition of Citibank Savings Inc. (CSI), Citi's thrift bank unit in the Philippines.

In a disclosure to the Philippine Stock Exchange, the Sy-led BDO said the acquisition makes CSI the latest addition to the BDO group of companies.

The 10 active branches of CSI will be renamed Banco De Oro Savings Bank, Inc.

BDO signed a definitive agreement for the acquisition of Citibank's thrift bank on November 2013.

BDO earlier said it acquired Citibank Savings to further expand its market reach and client base.