8.08.2014

Bank Mergers in the Philippines, 2012 to 2016

By Nora
Here's a list of bank mergers in the Philippines from 2012 to 2016,
listed from the most recent to the furthest back in 2012.
                                           

                                               2016

  • The proposed merger between state-owned banks Landbank and Development Bank of the Philippines (DBP) was approved by President Aquino on February 4, 2016 through Executive Order No. 198.
    The merger is subject to approval by the BSP, according to BSP Deputy Governor Nestor Espenilla Jr.
                                              2015


  • Producers Savings Bank Corp. has acquired Rural Bank of Cainta Inc. Approved by the SEC on December 29, 2015. Producers Savings Bank started operating as a merged bank on December 29, 2015.

  • China Savings Bank has acquired Planters Development Bank on December 17, 2015. Approved by the SEC on December 17, 2015. Announced in a circular by the BSP on February 10, 2016.

  • Philippine Business Bank, one of the country's biggest savings banks, has acquired Insular Savers Bank Inc., the rural bank that arose from the merger of Insular Rural Bank Inc. and Filipino Savers Bank Inc. (A Rural Bank). Acquisition completed on June 30, 2015. With Insular's 8 branches, the acquisition increased PBB's total number of branches to 134. 

  • Insular Rural Bank Inc. and Filipino Savers Bank Inc. (A Rural Bank) have merged to become a consolidated rural bank named Insular Savers Bank Inc. (A Rural Bank). Insular Savers started operating as a rural bank on June 1, 2015.

  • Rural Bank of Tanza (Cavite), Inc., also known as Bangko Mabuhay, and the Rural Bank of Teresa (Rizal), Inc. merged to form a new rural bank named Bangko Mabuhay (A Rural Bank), Inc. Merger was approved by the BSP on March 23, 2015.
    Bangko Mabuhay started operating as a consolidated rural bank on April 1, 2015.

                                               2014

  • BDO Unibank has signed an agreement to acquire One Network Bank Inc., the largest rural bank in Mindanao, subject to closing conditions and regulatory approvals. (December 2014)

  • China Banking Corp. is set to complete its acquisition of Planters Development Bank in August 2014. Acquisition plan approved by the BSP in December 2013.

  • Network Consolidated Cooperative Bank was formed from the consolidation of these 6 cooperative banks on September 8, 2014: Cooperative Bank of Agusan del Sur, Capiz Settlers Cooperative Rural Bank, Inc., Cooperative Bank of Camarines Norte, Cooperative Bank of Leyte, Sorsogon Provincial Cooperative, and Southern Leyte Cooperative Bank. (Source: Status Report on the Philippine Financial System, Dec 2014)

  • BDO Unibank signed a deal to acquire The Real Bank (A Thrift Bank) in June 2014.
    Acquisition completed in August 2014 (Status Report, Dec 2014). 

  • Bridge Philippines Investments has acquired a 34-percent equity in 1st Valley Bank, a rural bank headquartered in Lanao del Norte that became a thrift bank in August 2013. Bridge Philippines is incorporated in Singapore.

  • Philippine Bank of Communications (PBCOM) has signed an agreement in March 2014 to buy a controlling stake in Banco Dipolog, which has 13 branches in Northern Zamboanga.

  • Philippine Bank of Communications (PBCOM) has acquired Rural Bank of Nagcarlan in March 2014. The rural bank has 6 branches, which are in Nagcarlan, Binan, Cabuyao, Calamba, Los Banos and San Pablo. Acquisition has been approved by the BSP.

  • BDO Unibank acquired Citibank Savings Bank in March 2014.
    Acquired Citibank Savings Bank will be renamed Banco de Oro Savings Bank.

  • East West Banking Corp. acquired Green Bank A Rural Bank.
    Merger approved by the SEC on June 5, 2014; effective July 31, 2014

  • China Bank Savings Inc. acquired Unity Bank, A Rural Bank Inc.
    Merger approved by the SEC on January 20, 2014; announced by the BSP on February 12, 2014. 

  • Bank of Florida Inc., A Rural Bank and Bank of Lubao Inc., A Rural Bank, merged to operate under the name BOF Inc., A Rural Bank. (Effective January 2, 2014, BSP)

  • Malaysian firm Duclos SDN BHD invested in Palawan Bank (Palawan DB), Inc. (24.6 common shares and 100 preferred shares) (Status Report, Dec 2014)

  • American investors Eleazar B. Sagun and Rizal C. Suelen invested in Malasiqui Progressive SLB (27.7 common shares)

  • Singapore-incorporated Bridge Philippines Investments invested in Sugbuanon Rural Bank, Inc. (40.0 common shares)

                                                  2013
  • Producers Savings Bank Corp. acquired Iloilo City Development Bank.
    Merger approved by the SEC on October 31, 2013; announced by the BSP on November 18, 2013.

  • One Network Bank Inc. (A Rural Bank) acquired Rural Bank of San Enrique (Iloilo) Inc., doing business as Banco San Enrique (A Rural Bank).
    Merger approved by the SEC on April 12, 2013; effective May 16, 2013; announced by the BSP on May 17, 2013

  • Philippine National Bank acquired Allied Banking Corp., with the merger taking effect on February 9, 2013.

  • First Community Cooperative Bank of Misamis Occidental, Cooperative Bank of Davao del Sur and Cooperative Bank of Surigao del Sur were consolidated to become Consolidated Cooperative Bank. 
    Consolidation approved by the Cooperative Development Authority on September 26, 2012 and announced by the BSP on January 14, 2013

                                                  2012
  • Country Rural Bank of Tagig Inc. and Builders Rural Bank Inc. consolidated into Country Builders Bank Inc. (A Rural Bank) on November 5, 2012.

  • Producers Savings Bank Corp. consolidated with New Rural Bank of Victorias Inc. and started operating as a consolidated thrift bank on October 12, 2012.

  • Asia United Bank Corp. established Cavite United Rural Bank Corp. to acquire Cooperative Bank of Cavite.  
    Acquisition approved by the BSP on September 6, 2012

  • BDO Unibank Inc. (BDO) completed its acquisition of the Rural Bank of San Juan Inc., formerly known as Banco San Juan, on July 24, 2012.

  • Valiant Rural Bank (Iloilo City) Inc. and Rural Bank of Sapian (Capiz) Inc. consolidated into Valiant Bank Inc. (A Rural Bank), which started operating as a consolidated thrift bank on May 2, 2012. 

  • Robinsons Bank Corp. completed its acquisition of Legazpi Savings Bank on December 26, 2012, as announced on legazpibank.com.ph. Legazpi Savings Bank is now a wholly-owned thrift subsidiary of Robinsons Bank. 

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