ONB gets BSP merger nod

MANILA, Philippines - The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has approved the merger of rural banking giant One Network Bank (ONB) and Iloilo-based Rural Bank of San Enrique Inc. (RBSEI), with ONB as the surviving bank. RBSEI has a net worth of P9 million in capital, P119 million in assets, five regular branches in Iloilo City, Guimaras, Passi, San Enrique and Dingle plus one business development office (OBO) in La Paz, Iloilo City. The BSP also granted the merger incentives of converting the OBO in Iloilo City into a regular branch and the establishment of 15 new branches in non-restricted areas over a period of three years. These developments will bring ONB’s present branch network to a total of 92 regular branches and five micro banking offices (MBO).  This network will soon be augmented by previously approved five ONB branches in Jaro, Pototan, Janiuay and Dumangas in Iloilo and Semirara Island in the municipality of Caluya, Antique and 15 new branches as merger incentive, bringing ONB’s total network of branches to 117 by 2016.