SG firm completes 15% stake purchase in ONBhome/Business/Corporate News/SG firm completes 15% stake purchase in ONBBDO Unibank Inc. announced on Friday that a Singapore-based company had completed its acquisition of an equity stake in the Sy-led lender’s rural subsidiary One Network Bank Inc. (ONB). In a disclosure, the listed banking giant said it had sold the 15-percent equity stake in the Philippines’ largest rural bank to Osmanthus Investment Holdings Pte., a unit of private equity company Archipelago Capital Partners Pte. “BDO’s partnership with Osmanthus in ONB is expected to accelerate ONB’s ongoing thrust into the [MSME] market and further extend coverage [to] unbanked and underserved markets,” BDO said. To date, ONB has more than 120 branches and 220 automated teller machines, mostly in Mindanao. According to its website, the BDO unit offers loans, deposits, cash management, remittances, and bills payment in areas considered unserved or underserved by banks.

Source: Manila Times May 17, 2019 17:15 UTC