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Banco de Oro expands further via GE Money Bank purchase.
Byline: Gerard S. dela Pena
Sy-led Banco de Oro Unibank, Inc. is looking to expand even further with the purchase of GE Money Bank.
In a disclosure to the Philippine Stock Exchange, the bank said it had inked a definitive agreement with GE Capital, the financial services unit of US-based General Electric Co. (GE), for the takeover of the latter's Philippine unit.
"We are acquiring the local business of GE Money Bank," BDO Senior Vice-President Luis S. Reyes, Jr. said in a phone interview.
He declined to disclose the amount involved, saying the deal still has to be approved by regulators.
The move will fold GE Money Bank's 30,000 …
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