One Network Bank quits wealth management business
This rural bank is refocusing priorities.
One Network Bank, Inc. has surrendered its license to operate a trust unit, a move which has been approved by the Bangko Sentral ng Pilipinas (BSP).
The rural bank based in Davao City has surrendered its trust license to the BSP. This comes years after bilyonaryo Henry Sy acquired the biggest rural lender and placed it as a subsidiary of BDO Unibank, Inc.
The BSP made the announcement in March, saying that the Monetary Board approved the surrender of trust license on Feb. 1, 2018.
All fund management may now be under BDO’s watch while One Network Bank does its own thing.