BDO acquires EIB, other assets

MANILA, Philippines - The board of directors of the Export and Industry Bank (EIB) has sold its assets and liabilities to Banco de Oro Unibank Inc. (BDO).

In a report to the Philippine Stock Exchange (PSE), EIB also admitted that it sold Banclife Insurance Co. Inc., EIB Securities Inc., and Exportbank Plaza.

As a formality, it will seek the approval of its stockholders on Sept. 30 as well as fulfill all the reportorial and regulatory pre-requisites.

In a separate statement, BDO said that it received the approval-in-principle of the Bangko Sentral ng Pilipinas (BSP) and that it “is in the process of reviewing the requirements set by the BSP.”