Money

Singaporean firm to acquire 15% Sy’s rural bank unit

A foreign firm is suddenly interested in this rural bank from Davao.

A foreign firm is suddenly interested in this rural bank from Davao.

BDO Unibank, Inc. announced that a new investor is buying a share at its subsidiary, One Network Bank (ONB).

Osmanthus Investment Holdings Pte. Ltd. (Singapore), a unit of private equity firm Archipelago Capital Partners Pte. Ltd., has apparently expressed intent to acquire a 15 percent share into the top rural bank in the Philippines.

“The partnership with Osmanthus will further strengthen ONB?s strategic foothold in the microfinance business, and contribute to the government?s efforts at improving financial inclusion,” the bank owned by bilyonaryo Henry Sy said in a disclosure.

BDO will still enjoy majority ownership, with the acquisition subject to regulatory approvals.

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