<article>Listed savings bank <a style="color: #000080" href="http://www.pbb.com.ph">Philippine Business Bank (PBB)</a> has secured 100 per cent stake in Insular Savers Bank (ISB), a local bank with eight branches.</article>

Listed savings bank <a style="color: #000080" href="http://www.pbb.com.ph">Philippine Business Bank (PBB)</a> has secured 100 per cent stake in Insular Savers Bank (ISB), a local bank with eight branches.
PBB said it has reached an agreement with ISB&#8217;s shareholders for the acquisition of 100 per cent of the total outstanding capital stock of lSB valued at $11.48 million (P518.2 million). The price per share is yet to be announced.
Established in 1997 by the Martirez family of the Unicapital Croup, ISB offers loan portfolio consisting primarily of consumer and commercial loans.
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PBB, as a savings bank focused on corporate and small and medium enterprise (SME) markets, finds ISB&#8217;s key focus on its niche-business to be valuable; the deal will also be value-accretive to PBB and its shareholders, it said in a statement.
&#8220;We are proud to announce the acquisition of Insular Savers Bank. This acquisition underscores PBB&#8217;S commitment to expanding our footprint in the SME-rich areas. We started this branch expansion strategy back in 2011, and this transaction will definitely help us reach out to our key SME clientele,&#8221; PBB said in its statement.
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The deal will still be subject to the requisite regulatory approvals, it added.
PBB recently announced that it is looking to increase its 122 branches with additional 12 licenses before the year ends.
The bank&#8217;s first quarter net income increased by 25 per cent or P140.9 million compared to the same period last year.
PBB&#8217;s last trading price increased 0.89 per cent or P0.160 to close at P18.16.
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Listed savings bank Philippine Business Bank (PBB) has secured 100 per cent stake in Insular Savers Bank (ISB), a local bank with eight branches.

Philippine Business Bank takes over Insular Savers Bank

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Philippine Business Bank takes over Insular Savers Bank

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