Here’s a list of bank mergers and acquisitions in the Philippines from 2012 to 2023, listed from the most recent to the furthest, which is back in 2012. (Will list mergers in earlier years later on.)
Bank Mergers and Acquisitions in 2023
The merger of Producers Savings Bank and Countrywide Rural Bank of Palauig (Zambales) took effect on January 31, 2023. Producers Bank absorbed Countrywide Rural Bank. BSP Circular Letter No. CL-2023-011.
The new cooperative bank One Cooperative Bank (One CB) was formed from the consolidation of Metro South Cooperative Bank, Consolidated Cooperative Bank and Bataan Cooperative Bank. Consolidation of the three banks was approved by the BSP on June 23, 2022. One Cooperative Bank got its BSP license as a cooperative bank on January 25, 2023 and started operations on February 27, 2023. BSP Circular Letter No. CL-2023-019.
Bank Mergers and Acquisitions in 2022
Citibank announced on December 23, 2021 that it has chosen the bid of Union Bank of the Philippines to acquire Citibank’s consumer banking operations in the Philippines. The acquisition transaction is expected to be completed in the middle of 2022. It covers Citibank’s credit card, unsecured lending, deposit and investment businesses, and Citicorp Financial Services and Insurance Brokerage Philippines Inc. (CFSI). Around 1,750 Citibank consumer banking and support employees are expected to transfer to Union Bank.
How much did Union Bank pay for the acquisition? Union Bank will pay cash for the net assets of Citibank’s consumer banking businesses plus a premium of 45.3 billion pesos
Citibank will continue its institutional business in the Philippines, serving more than 950 multinational corporations, including 90% of the top 20 companies on the Philippine Stock Exchange.
Citigroup Inc. has decided to end its consumer banking operations in 13 markets across Asia and EMEA in order to focus on its global institutional businesses.
United Coconut Planters Bank (UCPB) has announced on its website that it will merge with Land Bank of the Philippines (LANDBANK), with LANDBANK as the surviving entity. This is in accordance with Executive Order No. 142 signed by President Rodrigo R. Duterte on June 25, 2021.
Based on UCPB’s FAQ about the merger, all UCPB branches will continue to operate, but later on, some LANDBANK and UCPB branches may be relocated or merged. Clients will be advised prior to any location change. Reference: www.ucpb.com/inside-mergernotice20211216/
The combined branch and ATM network will consist of 667 branches and 2,722 ATMs nationwide. The merger will increase Landbank’s total assets to around three trillion pesos and make Landbank the second biggest bank in the Philippines based on total assets
Landbank could have been much bigger now had the President Aquino-approved Landbank-DBP merger in 2015 was put into completion.
The Bank of the Philippine Islands (BPI) has absorbed its subsidiary bank BPI Family Savings Bank, based on a BSP circular signed on December 29, 2021. The merger took effect on 1 January 2022.
The merger has been called by BPI as OneBPI and its purpose is to enhance the overall banking experiences of its clients. The merger has increased BPI’s client base to 8.5 million customers and its branch and ATM network.
References: BSP Circular Letter CL-2021-105 | www.bpi.com.ph/onebpi/about-onebpi
Bank Mergers in 2021
Producers Savings Bank Corp. has acquired Masuwerte Rural Bank of Bacoor (Cavite), Inc. in December 2021, based on a BSP circular signed on January 4, 2022. The merger took effect on December 16, 2021.
Reference: BSP Circular Letter CL-2022-001
The merger of RNG Coastal Bank, Inc. (A Rural Bank) and Banco Maximo, Inc. (A Rural Bank) has been approved on November 23, 2021. The merged bank will be known as Banco Maximo-RNG Coastal Corp. and will do business under the name and style of RNG Bank.
RNG Bank started operating as a merged rural bank on December 1, 2021.
Reference: BSP Circular Letter CL-2021-099
GM Bank of Luzon, Inc. (A Rural Bank) has acquired Rural Bank of Limay (Bataan), Inc. The merger took effect on November 1, 2021.
Reference: BSP Circular Letter CL-2021-096
Malarayat Rural Bank, Inc. (MLRYT) has acquired Rural Bank of Talisay (Batangas), Inc. (TLSYB), based on BSP’s circular signed August 17, 2021. MLRYT started operating as a merged bank on October 1, 2021.
Reference: BSP Circular Letter CL-2021-066
Five rural banks, namely Community Rural Bank of Catmon (Cebu), Inc., Rural Bank of Oslob (Cebu), Inc., Rural Bank of Mandaue, Inc. and Rural Bank of Sta. Catalina, Negros Oriental, Inc., were authorized by the BSP to consolidate on July 16, 2021 to become First Philippine Partners Bank, Inc. (A Rural Bank). First Philippine Partners Bank, Inc. (A Rural Bank) started operating as a consolidated rural bank on 2 August 2021. Reference: BSP Circular Letter CL-2021-062
- First Imperial Business Bank Inc. (A Rural Bank) has absorbed Racso’s Bank Inc. (A Rural Bank). FIBB started its operations as a merged bank on July 1, 2021. Reference: BSP Circular Letter CL-2021-051
- Producers Savings Bank Corp. has acquired PBCOM Rural Bank Inc. effective April 15, 2021. Reference: BSP Circular Letter CL-2021-040 dated May 17, 2021
- First Imperial Business Bank Inc. (A Rural Bank) has acquired all the assets and liabilities (excluding deposit for stock subscription) of Rural Bank of Pototan (Iloilo) Inc. The Pototan rural bank’s license has been revoked. Reference: BSP Circular Letter CL-2021-035 dated April 23, 2021
- Producers Savings Bank Corp. has acquired Rural Bank of San Quintin Inc. and People’s Bank of Caraga Inc. (A Rural Bank) effective February 26, 2021. Reference: BSP Circular Letter CL-2021-026 dated March 30, 2021
- PNB Savings Bank, the savings bank subsidiary of Philippine National Bank, has been converted into a holding company named Allied Integrated Holdings Inc. The change also includes integration with PNB (CL did not describe what kind of integration). Reference: BSP Circular Letter CL-2021-024 dated March 24, 2021
- Bayanihan Bank Inc. (A Rural Bank), formerly Rural Bank of Atimonan Inc., has acquired and absorbed Rural Bank of Pangil (Laguna) Inc. with start of operations as a merged bank on March 1, 2021. Reference: BSP Circular Letter CL-2021-019 dated March 4, 2021
- Producers Savings Bank Corp. has absorbed Bangko Carrascal Inc. (A Rural Bank), with the merger taking effect on January 29, 2021. Reference: BSP Circular Letter CL-2021-016 dated February 19, 2021
- Katipunan Bank Inc. (A Rural Bank) has merged with Rural Bank of Siocon (Zamboanga del Norte) Inc. to form a new rural bank named Katipunan Banking Corporation “A Rural Bank”.
Reference: BSP Circular Letter CL-2021-002 dated January 8, 2021
Bank Mergers in 2020
- One Unified Rural Bank of Cavite Inc., doing business as OUR Bank, has been established from the consolidation of 4 rural banks in Cavite: Rural Bank of General Trias Inc., Rural Bank of Maragondon Inc., Bangko Noveleta Inc., A Rural Bank, and Sto. Nino Rural Bank (Ternate, Cavite) Inc. Consolidation was approved by the BSP on January 31, 2020. OUR Bank started operations as a consolidated bank on July 1, 2020.
Reference: BSP Circular Letter CL-2020-031 dated July 6, 2020
- Enterprise Bank Inc. (A Thrift Bank) has absorbed Rural Bank of Ronda Inc., with the merged thrift bank starting operations on December 1, 2020. Reference: BSP Circular Letter CL-2020-029 dated June 30, 2020
- Metropolitan Bank & Trust Corp. (Metrobank) has absorbed Metrobank Card Corp. (A Finance Company), effective January 3, 2020. Reference: BSP Circular Letter CL-2020-015 dated Mach 20, 2022
- 1st Valley Bank Inc., A Development Bank has acquired Sugbuanon Rural Bank Inc. and D’Asian Hills Bank Inc. (A Rural Bank), with 1st Valley Bank starting operations as a merged bank on January 2, 2020. Reference: BSP Circular Letter CL-2020-007 dated January 21, 2020
Bank Mergers in 2019
BDO Network Bank Inc. has acquired the gross loan receivables and assumed the recorded deposit liabilities of Rural Bank of Pandi (Bulacan) Inc. The rural bank ceased operations on October 31, 2019, completion date of the transaction. Reference: BSP Circular Letter CL-2019-085 dated November 22, 2019
Rizal Commercial Banking Corp. (RCBC) has absorbed its thrift bank RCBC Savings Bank Inc. effective July 22, 2019. BSP Circular Letter CL-2019-059 dated August 19, 2019
Philippine Business Bank Inc., A Savings Bank has acquired Insular Savers Bank Inc. (A Rural Bank), with the merged bank starting operations on July 17, 2019. BSP Circular Letter CL-2019-057 dated August 13, 2019
Producers Savings Bank Corp. has acquired 7 rural banks: Rural Bank of Pamplona (Camarines Sur) Inc., Rural Bank of President Quirino (Sultan Kudarat) Inc., Bangko Rural ng Pasacao (Camarines Sur) Inc., Bangko Rural ng Magarao (Camarines Sur) Inc., Rural Bank of San Fernando (Camarines Sur) Inc. Rural Bank of Barotac Nuevo Inc. and Rural Bank of Sibalom (Antique) Inc., effective June 1, 2019. BSP Circular Letter CL-2019-044 dated June 21, 2019
Bank Mergers in 2017
- The acquisition of Philippine Postal Savings Bank (PPSB) by Land Bank of the Philippines (Landbank) and conversion into Overseas Filipino Bank (OFB) was ordered by President Rodrigo Duterte through Executive Order No. 44, dated September 28, 2017.
The Philippine Postal Corp., parent company of PPSB, and the Bureau of the Treasury were ordered to transfer their shares in PPSB to Landbank at zero value
The main office of Overseas Filipino Bank at the Postal Center in Manila had its ceremonial opening by Pres. Duterte on January 17, 2018.
- Banco Dipolog, Inc. A Rural Bank was the surviving bank after its merger with Rural Bank of Nagcarlan, Inc. and Rural Bank of Kabasalan (Zamboanga del Sur), Inc. on December 11, 2017.
- Dumaguete City Development Bank, Inc. (DCDB) has merged with Rural Bank of Sibulan (Negros Oriental), Inc., with DCDB as the surviving bank. Approved by the SEC on April 4, 2017.
Bank Mergers in 2016
- BPI Direct Savings Bank Inc. has merged with BPI Globe BanKO Inc., A Savings Bank to form BPI Direct BanKO Inc., A Savings Bank. Effective date of merger was December 29, 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.
Bank Mergers in 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.
Bank Mergers and Acquisitions in 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)
Bank Mergers in 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
Bank Mergers in the Philippines in 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.