BDO Unibank buys small lender

Posted at 06/30/14 10:07 AM

MANILA – BDO Unibank Inc., the Philippines' biggest lender by assets, said on Monday it had entered into an agreement to buy small lender The Real Bank (A Thrift Bank) Inc., with 24 branches.

BDO, owned by the Philippines' richest man Henry Sy Sr., did not disclose the terms of the deal that involves the acquisition of all assets and assumption of liabilities of a bank with a deposit base of P7.2 billion ($165 million).

The transaction was still subject to closing conditions and regulatory approvals, BDO told the Philippine Stock Exchange.