PBCom buys rural bank in Dipolog

MANILA, Philippines - The Philippine Bank of Communications (PBCom) has bought a controlling stake in Banco Dipolog Inc. (BDI), a multi-branch rural bank headquartered in Dipolog City, Zamboanga del Norte.

PBCom has recently signed a memorandum of agreement with BDI officials to allow it to acquire majority stake in the Mindanao-based rural bank.

PBCom president and CEO Nina D. Aguas, however, said the agreement has yet to be approved by the Bangko Sentral ng Pilipinas (BSP).

Founded in 1957, BDI was the first bank to open in Dipolog. It currently has 11 branches and seven other banking offices located in Mindanao and the Visayas, and is set to open two more branches in the region by July. 

BDI caters primarily to small entrepreneurs, educators, farmers and government employees. As of December 2013, BDI had over P1 Billion in total assets.

Aguas said the investment in BDI would allow PBCom to strengthen its presence in Mindanao, while bringing BDI’s client base an expanded suite of products and services that PBCom offers as a commercial bank.

In March of this year, PBCom announced its acquisition of the Rural Bank of Nagcarlan, a six-branch bank based in Laguna. 

“Expanding our footprint across the country through these acquisitions will allow us to contribute to the development and strengthening of communities nationwide,” Aguas said.