BSP approves PBCOM’s acquisition of Rural Bank of Nagcarlan
The Philippine Bank of Communications (PBCOM) announced today that the Bangko Sentral ng Pilipinas (BSP) has approved PBCOM’s acquisition of the Rural Bank of Nagcarlan, Inc. (RBNI).
The Rural Bank of Nagcarlan adds six branches to PBCOM’s footprint. These are located in Nagcarlan, Los Baños, Calamba, Biñan, Cabuyao and San Pablo.
Along with its approval of PBCOM’s acquisition of RBNI, the BSP has granted the banks additional licenses for 13 PBCOM branches, 6 RBNI branches and 3 RBNI other banking offices (OBOs).
The acquisition, which was first disclosed upon the signing of the agreement between PBCOM and RBNI in March 2014, is the first of two rural bank acquisitions recently announced by the PBCOM. The Bank has likewise signed an agreement to buy a controlling stake in Banco Dipolog, Inc, a 13-branch rural bank based in Northern Zamboanga.
PBCOM President & CEO Nina D. Aguas shares: “We are committed to strengthening our franchise in the SME banking space, and our acquisitions of these rural banks are key elements of our strategy. By allowing us to reach markets that are currently underserved, building our presence in the countryside will not only allow us to expand our network; but will also enable PBCOM to contribute to the development and strengthening of small businesses, which comprise a significant portion of the under-banked universe.”