BDO Unibank has completed the acquisition of Philippines’ rural lender One Network Bank under a share swap deal.
Under the terms of the deal, BDO has taken over 99.95% of the outstanding capital of One Network Bank (ONB).
ONB shareholders secured 0.2618 BDO share for each share in the rural bank.
BDO in its statement said: "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 unissued capital stock in a top-up and borrowing transaction with a substantial BDO shareholder."
BDO had secured approval from the Bangko Sentral ng Pilipinas in this March to acquire ONB. The rural bank comprises 98 active branches focused in the Mindanao region in Philippines.