Stock News 2011: Banco de Oro eyes takeover of PBCom

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The 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.

http://business.inquirer.net/4823/banco-de-oro-eyes-takeover-of-pbcom

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Stock News 2011: BDO Leasing expands loan portfolio

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BDO Leasing and Finance, Inc. (BDOLF) is seeking to widen its loan portfolio amid a stable outlook on the economy this year.

At the sidelines of the company’s annual stockholders’ meeting, BDO Leasing president Georgiana Gamboa said they will continue to find the niche markets and support clients whose needs remain unserved by banks.

In particular these are markets that need the Factoring of Receivables and Leasing products.

“Right now our products and services are extended to different provinces and key cities by virtue of the extensive Banco De Oro (BDO) branch network, which are strategically located all over the country,” she said.

Gamboa explained that, ‘because of this, clients are able to enjoy the same products and services wherever they may be. The plan is to further expand our geographical coverage to reach out to more clients.”

http://mb.com.ph/node/321014/bdo-lea

Stock News 2011: BDO net income soars 46% to P8.8 B

Banco De Oro Unibank, Inc. (BDO) reported a 46 percent jump in audited net income last year to P8.8 billion from the P6 billion it earned in 2009, exceeding its initial earnings guidance of P8.1 billion.

The Bank, prior to the income release, has reported that its consolidated resources hit the P1-trillion mark at the end of 2010, making it the first Philippine bank to achieve that milestone.

In a disclosure to the Philippine Stock Exchange, BDO said its strong performance was a result of a more diversified and sustainable earnings stream from its core lending, deposit-taking and service businesses.

Gross customer loans expanded 15 percent to P541.5 billion with firm growth across all business segments. Total deposits, meanwhile, rose 13 percent to P782.6 billion.

A larger earning asset base coupled with lower funding costs resulted in the 12-percent increase in net interest income to P34.2 billion.

The bank’s fee-based service income likewise grew to P10.4 billion on strong contributions from trust, private banking, remittance, transaction banking, insurance, investment banking, and credit cards.

http://www.mb.com.ph/node/306767/bdo-net-income-

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Stock News 2011: BDO named one of the world's best finance banks for 2010

Banco De Oro Unibank, Inc. (BDO) was cited for being one of the world's best trade finance banks for 2010 by the New York-based Global Finance magazine.

“The availability of trade finance at reasonable prices is crucial to the health of the global economy. We have selected the banks that are best serving the needs of corporations worldwide as they engage in cross-border trade,” Global Finance publisher and president Joseph D. Giarraputo said in a statement.

BDO was cited the best in the Philippines by Global Finance editors, with inputs from industry analysts, corporate executives and technology experts.

http://www.mb.com.ph/node/297615/bdo-named-one-world

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