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Winding down: Sy-blings shut down 5 branches of BDO Leasing

Banking giant BDO is shutting down five branches of BDO Leasing and Finance Inc. as part of its ongoing move to wind down the unit’s operations.

The five branches set to be shuttered by 31 October 2020 are in Lahug Cebu City; Iloilo City; Davao City; Angeles City, Pampanga; and Cagayan de Oro, Misamis Oriental.

READ: BDO unloads controlling stake in BDO Leasing

BDO has asked the Securities and Exchange Commission to revoke the certificates of authority of these 5 branches as part of its move to wind down the leasing and financing business.

READ: From BDO Leasing to United Platinum Holdings: Viv Yuchengco’s nephew, mass housing developer ready takeover

Last January, BDO agreed to sell majority control of BDO Leasing to an investor group led by Luis Yu Jr. who planned to use the publicly-listed firm as a backdoor listing.

BDO Leasing’s has changed its purpose to a holding firm.

BDO is integrating its leasing business under BDO Finance Corp.

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