BDO subsidiary acquires Rural Bank of Pandi

BDO Unibank Inc. (BDO) announced that its subsidiary, One Network Bank Inc. (ONB), has signed an agreement with Rural Bank of Pandi Inc. (RBPI) for the acquisition of 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.

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 in the province of Bulacan, where it currently has 12 branches.

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