<article>Philippine based <a style="color: #000080;" href="https://www.bdo.com.ph/mobile/home">BDO Unibank Inc </a> has completed its whole acquisition of <a style="color: #000080;" href="http://www.onenetworkbank.com.ph">One Network Bank Inc</a>, expanding its regional presence in the country.</article>

Philippine based <a style="color: #000080;" href="https://www.bdo.com.ph/mobile/home">BDO Unibank Inc </a> has completed its whole acquisition of <a style="color: #000080;" href="http://www.onenetworkbank.com.ph">One Network Bank Inc</a>, expanding its regional presence in the country.
The Sy-led bank disclosed that a share swap transaction was concluded with BDO, where it acquired 99.59 per cent of the outstanding capital stock of ONB, making the rural bank a member of the BDO group.
&#8220;In payment, BDO crossed in favor of the selling shareholders of ONB a total of 64,499,890 listed common shares and issued an equal number of new shares from its un-issued capital stock in a top-up and borrowing transaction with a substantial BDO shareholder,&#8221; the commercial bank said in its statement.
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BDO&#8217;s acquisition of ONB is part of its strategy to open business new lines for the bank, particularly in the target market of the southern Philippines.
ONB rural bank has 98 branches focused in the Mindanao region.
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By closing of its acquisition of ONB, BDO conducted a Tender Offer to the minority shareholders of ONB in compliance with the requirements of the Securities &amp; Exchange Commission, since ONB is deemed a public company with over 1,700 shareholders.
BDO&#8217;s last trading increased by 1.45 per cent or P1.50 to close at P105.
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Philippine based BDO Unibank Inc has completed its whole acquisition of One Network Bank Inc, expanding its regional presence in the country.

Philippine based BDO Unibank acquires ONB rural bank

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Philippine based BDO Unibank acquires ONB rural bank

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