The Banco de Oro-Equitable PCI Bank merger (2004–2006) was a plan by the SM Group of Companies and Banco de Oro Universal Bank, the fifth-largest bank in the Philippines, to merge with Equitable PCI Bank, the third-largest bank (although it is considered by some as an acquisition or even as a hostile takeover). The merger was part of a long-term goal of Banco de Oro to become one of the largest names in the Philippine banking industry. It was closed on December 27, 2006 with the formation of Banco de Oro Unibank, Inc.
The plan was controversial in terms that a smaller bank could not possibly acquire a bank much larger than it is. At the time of the merger, Equitable PCI had three times the capital Banco de Oro had. Analysts were worried about the repercussions this could have on the industry. However, the deal had been able to generate a lot of media hype, especially in newspaper editorials.
Read more about Banco De Oro-Equitable PCI Bank Merger: Background, Precedents, The Question of Chinabank, Effects of The Merger
Famous quotes containing the word bank:
“A self is, by its very essence, a being with a past. One must look lengthwise backwards in the stream of time in order to see the self, or its shadow, now moving with the stream, now eddying in the currents from bank to bank of its channel, and now strenuously straining onwards in the pursuit of its chosen good.”
—Josiah Royce (1855–1916)