BDO completes acquisition of Citibank Savings

MANILA, Philippines - BDO Unibank Inc. (BDO),  the Sy Group’s banking unit, has completed the acquisition of Citibank Savings Inc. (CSI), the local savings bank of global financial lender Citi Group.

In a disclosure to the Philippine Stock Exchange, BDO said it acquired 83.68 million shares or 99.9 percent of CSI in cash.

Citibank Savings will be renamed Banco De Oro Savings Bank Inc.

BDO president Nestor Tan earlier said the acquisition mode of the bank is consistent with the company’s thrust to grow its business locally in preparation for the 2015 Asean Integration by expanding its distribution network.

“(We want to focus on) local expansion. You have to have a strong local business before you can expand globally. Because for us, we don’t want to spread too thinly while our resources are not properly deployed, we still see the local market as growing. There are still underpenetrated (unbanked) areas so why go elsewhere when our local market is still strong and still offer a lot of potential for growth,” he said.

“We want to tap all sectors. According to BSP data, 80 percent of bankable is still not tapped,” he added.