Banco Dipolog absorbs 2 rural banks
These three lenders are volting in to form one bigger entity.
The Bangko Sentral ng Pilipinas (BSP) announced the approval of a merger plan among three provincial banks.
In a circular letter, BSP Deputy Governor Chuchi Fonacier said the Securities and Exchange Commission has approved the proposal from the Banco Dipolog, Inc., the Rural Bank of Nagcarlan, Inc. and Rural Bank of Kabasalan, Inc. to merge into one entity. The grouping is quite diverse, as the three banks hail from Zamboanga Del Norte, Laguna, and Zamboanga del Sur, respectively.
Still, the banks got the regulator’s nod on Dec. 11, 2017, with Banco Dipolog chosen as the surviving entity among the three.