Image via WikipediaThe country’s largest lender, Banco de Oro Unibank, has submitted a conditional offer to take over Philippine Bank of Communications, where a controlling stake is currently on the auction block.
PBCom disclosed to the Philippine Stock Exchange on Tuesday that BDO, which is controlled by the family of the Philippines’ wealthiest tycoon Henry Sy, had submitted a proposal to invest in the bank, confirming an item that appeared in news column Biz Buzz on Monday.
In a separate disclosure, however, BDO said its offer to take over the 64-branch PBCom was not “formal.”
“BDO did submit an expression of interest in the transaction subject to further discussions and qualified by certain conditions,” the BDO disclosure said. It did not disclose the conditions it sought.
A group led by former Trade Minister Roberto V. Ongpin also seeks to gain a foothold in the banking business by acquiring a controlling stake in the medium-sized PBCom.
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