Banco de Oro eyes acquiring PBCom’s 67% stake

BDO emerged as the second bidder of PBCom after ISM Communications.

Mid-sized Philippine Bank of Communications disclosed on Tuesday it has a second suitor keenly interested in its network of 64 branches and 41 automated teller machines (ATMs).

“We confirm that Banco de Oro (BDO) has submitted a proposal to invest in PBCom," corporate secretary Bernard B. Lopez said in a disclosure to the Philippine Stock Exchange.

The other publicized suitor of PBCom is ISM Communications of Marcos-era Trade Minister Roberto V. Ongpin.

Nationwide, BDO has 726 operating branches, including one in Hong Kong, and 1,430 ATMs. As of end-March, its resources totaled P955.37 billion ($22.01 billion). BDO’s first quarter net income after tax this year reached P2.46 billion ($56.67 million).

PBCom reported its operating income in the first quarter was P507 million ($11.67 million), with a net income of P71 million ($1.63 million), and cash amounting to P329.5 million ($7.6 million). Its latest balance sheet showed assets of P 39.55 billion ($911.72 million) and liabilities of P36.42 billion ($839.56 million).

The Philippine Deposit Insurance Corp. (PDIC) extended emergency financial assistance to PBCom in 2004. PDIC earlier said the P7.6 billion ($175.19 million) it loaned PBCom is fully-collateralized by government securities so that “public interest is safeguarded at all times."

View the full story in GMA News.

Follow the link for more news on

Also Read

OCBC Ignite aims to double poly graduate intake

Singapore’s big banks aim for 96% emissions cut by 2050

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

What is Lorem Ipsum?

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Evergreen Group obtains financing license to expand in Malaysia