Articles > Newspapers > International Newspapers, Major Markets > TendersInfo news wires > November 2009

Article: Philippines: BDO asks BSP for P12-billion soft loan.

Article from:
TendersInfo
Article date:
November 4, 2009
Copyright

Byline: babalu03

The SM Group s Banco de Oro Unibank, one of the country s largest banks, is asking the Bangko Sentral ng Pilipinas (BSP) for funds of up to P12 billion to finance acquisition plans.

These funds, which are highly concessional loans, are extended by the BSP for banks wanting to buy or takeover another financial institution. On official documents, BSP refers to these loans as income support.

Sources have confirmed the proposal which have yet to be presented officially to the BSP s seven-person Monetary Board for deliberation and eventual approval.

BDO is getting ready to buy mid-size Export and Industry Bank (Exportbank) ...

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