Background
The merger with or acquisition of Equitable PCI is one of the acquisitions that Banco de Oro has been involved with over the last five years. In 2001, it successfully acquired the Philippine subsidiary of Dao Heng Bank, adding on some twelve branches to its branch network. The next year, it acquired the branches of First e-Bank, then-owned by First Pacific, the majority shareholder in the Philippine Long Distance Telephone Company. A year later, it acquired the Philippine subsidiary of Banco Santander Central Hispano.
Later on, in April 2005, BDO acquired 66 of the 67 branches of the Philippine subsidiary of United Overseas Bank, after UOB announced the conversion of its operations from retail banking to wholesale banking. The deal was closed on December 20, 2005. BDO's wave of acquisitions has earned it the distinction of being the most aggressive bank in terms of mergers and acquisitions.
However, this title belonged to Equitable PCI Bank in the 1990s, when its predecessor, Equitable Banking Corporation, went on to buy banks such as Mindanao Development Bank and Ecology Bank in the mid-1990s and PCI Bank in the 1980's when it acquired the Insular Bank of Asia and America. In 1999, Equitable completed arguably one of the largest bank mergers in Philippine banking history(with help from the GSIS ans the SSS along with former President Estrada): the merger with the larger Philippine Commercial International Bank, or PCI Bank. The deal was closed at 2000 and sparked the first wave of mergers and acquisitions.
Read more about this topic: Banco De Oro-Equitable PCI Bank Merger
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