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Tuesday, September 05, 2006
Unionbank, iBank merger to be completed this month
The merger of Aboitiz-led UnionBank of the Philippines (UnionBank) and iBank is expected to be completed anytime this month, the chief honcho of Aboitiz Equity Ventures (AEV) said.
In an interview, AEV president and chief executive officer Jon Ramon Aboitiz said UnionBank shelled out some P13.5 billion in purchasing 97 percent of the stake of iBank, a commercial bank.
Once completed, Union-Bank will have a total of 195 branches nationwide.
Aboitiz said the bank will have to move branches that are near each other and spread these out to strategic areas.
Commercial
A commercial bank established in 1995, iBank currently has 79 branches nationwide with a total resources of P60 billion, as of the end of 2005.
Its major shareholders are JTKC Equities, iVantage Corp., Razon Industries, Greenhills Properties Inc. and Philippine Realty Holdings Corp.
Visibility
UnionBank’s attempt to buy into semi-government owned Philippine National Bank was spoiled when PNB part-owner Lucio Tan exercised his right to match.
“(But) we are always looking for an opportunity to increase our visibility in order to increase our customer base and shareholder value,” UnionBank chairman and chief executive officer Justo Ortiz had said.
UnionBank’s board of directors approved the closing of the sale and the purchase agreement with selling shareholders of iBank last June.
The shares were acquired at P42.5 each. (JBN)
For Bisaya stories from Cebu. Click here. (September 5, 2006 issue)
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