San Miguel group completes purchase of Bank of Commerce
Food and beverage giant San Miguel Corp., through subsidiaries San Miguel Properties Inc. and San Miguel Corp. Retirement Fund, has completed the acquisition of a 34-percent stake in Bank of Commerce.
San Miguel Properties and San Miguel Corp. Retirement Fund signed a subscription agreement with the bank in October last year.
The agreement covered the purchase of 10 million unissued and unsubscribed common shares of Bank of Commerce at P200 each or a total of P2 billion. The shares represent 34 percent of the bank's total outstanding capital.
The acquisition gives San Miguel Properties a ready credit line for its projects nationwide.
San Miguel Properties and Bank of Commerce recently tied up to offer the former's prospective clients financing. Residential buyers now have a chance to avail interest rates as low as 9.75 percent.
San Miguel Properties' projects include Wedge Wood in Sta. Rosa, Laguna; middle-income development Maravilla in General Trias, Cavite; and affordable housing Bel Aldea, also in Gen. Trias.