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(From Manila Standard)
Banco de Oro Universal Bank, the banking arm of the Sy family, is acquiring the banking business of 1st e-Bank, a unit of Metro Pacific Corp.
The other terms and conditions of the transaction, like the valuation, has yet to be disclosed. The transaction is seen completed before the end of the year.
Teresita Sy, chairman of BDO, said: "The acquisition of 1st e-Bank's business is in line with our commitment to grow shareholder value, and enable BDO to become a significant player in the banking industry. We welcome this value-enhancing development for BDO."
In separate disclosures to the Exchange, the two banks, which …