<article>Listed Philippine commercial bank <a style="color: #000080" href="http://www.aub.com.ph">Asian United Bank Corp (AUB)</a> is set to fully acquire Singapore-based remittance company <a style="color: #000080" href="http://www.pinoy-express.com">Pinoy Express PTE Limited</a>.</article>

Listed Philippine commercial bank <a style="color: #000080" href="http://www.aub.com.ph">Asian United Bank Corp (AUB)</a> is set to fully acquire Singapore-based remittance company <a style="color: #000080" href="http://www.pinoy-express.com">Pinoy Express PTE Limited</a>.
AUB earlier informed the Philippine Stock Exchange that its board of directors approved the acquisition of 100 per cent shares of Pinoy Express, registered in Singapore and licensed by the <a style="color: #000080" href="http://www.mas.gov.sg/" target="_blank">Monetary Authority of Singapore</a> as a remittance company. Pinoy Express provides remittance services to migrant workers, mostly overseas Filipinos in Singapore. The deal will help AUB augment its presence in the Singapore remittance market.
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AUB&#8217;s corporate planning and investor relations head Elizabeth Miranda disclosed to the local bourse that the remittance company is expected to be value accretive to the commercial bank. AUB noted it will determine the amount of transaction based on the final purchase price on the historical income of Pinoy Express. &#8220;The consideration for the shares will be paid for in cash. The value of the acquisition is less than 1 per cent of Asia United Bank Corporation’s book value,&#8221; the bank added.The deal is expected to be completed in the fourth quarter of this year.
&#8220;The decision to invest in Pinoy Express PTE., Limited is expected to improve Asia United Bank Corporation’s coverage of the Singapore remittance market,&#8221; Miranda told the stock exchange.
Although size of the deal or amount per share is yet to be announced, a total of 300,000 shares will be acquired in the acquisition. Both companies are working on the transaction agreement.
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AUB&#8217;s net income grew 17.3 per cent or P2.2 billion in the first quarter of 2015 compared with the same period last year. The bank attributed the growth to commercial loans and consumer loans, which had a year-on-year growth of 28 per cent.
AUB&#8217;s last trading price remained at P68.00 since Friday.
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Listed Philippine commercial bank Asian United Bank Corp (AUB) is set to fully acquire Singapore-based remittance company Pinoy Express PTE Limited.

AUB to buy out Singapore remittance firm Pinoy Express

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AUB to buy out Singapore remittance firm Pinoy Express

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