The Philippine Business Bank Inc. (PBB), having earlier acquired two smaller rivals, has purchased another lender in Bataan province for P63.9 million.
PBB President and CEO Roland Avante said its board of directors approved on Wednesday the purchase of assets and assumption of liabilities of the Bataan Savings and Loan Inc.
“We will be taking over a bank which has established its footprints in Bataan. The savings bank has a good client base established by its owner, who is from a well-known family in that area. With existing lending business and deposits, it will be a good starting point to expand the business and generate additional income for the bank,” he told the BusinessMirror.
He said Bataan savings bank has three branches.
PBB is seeking the Bangko Sentral ng Pilipinas’s (BSP) approval for the purchase and possible merger.
The purchase price of P63.9 million will be paid in lump and held under an escrow account for release upon BSP approval.
The PBB board, likewise, issued the green light for the acquisition of the outstanding and issued shares of stock of Insular Savers Bank lnc. (lSBI) worth P518.244 million. The ISBI has eight branches in and outside of Metro Manila that will eventually be folded into and merged with PBB.
Earlier, PBB acquired the Rural Bank of Kawit Inc., which was priced at P30.83 per share for a total of P14.999 million.
The acquisition aims to avail the branch incentives under the Strengthening Program for Rural Bank Plus.
Avante said PBB has a license to open eight branches and three more from Kawit Bank.
Upon consolidation, PBB will have at least 128 branches nationwide.