ABN Amro Savings sells branches, auto & mortgage loan portfolios

ABN Amro Savings Bank has sold its branch network, and its auto and mortgage loan portfolios raising speculations that the foreign bank plans to pack up and leave the group’s Philippine operations to ABN Amro, holder of an overseas banking unit license.

ABN Amro said in Amsterdam on Thursday the divestment was part of its strategy to shed non-core assets and focus on core client segments globally.

Its 20 branches, including the account of some 28,000 depositors were acquired by Robinson Savings Bank for roughly P5 billion.

BPI Family Savings Bank acquired ABN Amro Savings Bank’s mortgage and loan portfolio for an undisclosed amount and real value.

The final sale and closing is subject to regulatory approvals. It is expected to be completed within 90 days, sources said.

BPI Family Savings Bank, the leading thrift bank in the country, owns one of the biggest mortgage and loan portfolios in the country today. It is a member of the Ayala-led Bank of the Philippine Islands financial institutions.

In a press statement, JG Summit, the holding company of the Gokongwei clan and mother unit of Robinsons Saving Bank, said the branch acquisition will catapult the group among the top seven thrift banks in the country.

"The acquisition will catapult Robinsons Bank among the top seven thrift banks in terms of assets. It will strengthen key markets nationwide, where the JG Summit Group already has a presence," said Robinsons Bank chairman Lance Y. Gokongwei.

With the acquisition, the Robinsons Savings Bank branch network will reach 32 including its existing seven branches and five more scheduled for opening this year.

Inquiries into the rumored pullout of ABN Amro could not be confirmed as of presstime.