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- This article is about the bank after the Banco de Oro-Equitable PCI Bank merger. For the bank before the merger, see Banco de Oro Universal Bank.
Banco de Oro Unibank, Inc. (PSE: BDO[1]), also known as Banco de Oro and BDO, is a major bank in the Philippines. It is the second-largest bank in the Philippines in terms of assets and is owned by the SM Group of Companies, one of the country's largest conglomerates and owner of the SM chain of malls. The bank is the product of the Banco de Oro-Equitable PCI Bank merger after the boards of both Banco de Oro Universal Bank and Equitable PCI Bank agreed to merge on December 27, 2006. For a while, the entity was known as Banco de Oro-EPCI, Inc., but announced that it would go by the name Banco de Oro Unibank, Inc. starting February 2007.
[edit] Ownership
[edit] Competition
BDO's main competitors are major Philippine banks like Metrobank, BPI, Land Bank of the Philippines and Philippine National Bank.
[edit] Recent events
[edit] P1.1-billion IPO
On January, 2008, Viva Films chairman Vic del Rosario announced that Viva Communications expects to raise P1.1 billion (1 US dollar = 41.48 pesos) through approval of the initial public offering (IPO) by the Philippine Stock Exchange, on listing date of March 5. It plans to sell up P 92.8 million new shares and P 49.9 million secondary shares at P 12.93 / share (offer is 35% of the company's issued and outstanding capital stock). It appointed Banco de Oro (BDO) Capital and Investment Corporation as lead underwriter and Abacus Capital and Investments Corporation as co-lead underwriter. Viva's net income was P 121 million for January to October, 2007, double its 2006 earnings and projects net profit of P 330 million this year.[2]
[edit] Stable outlook
On February 1, 2008, Fitch Ratings announced: "The Outlook on BDOU's ratings is stable given a benign economic environment. And while integration risk is a factor, a successful merger of the two banks will provide ratings momentum, if combined with some capital strengthening in particular; BDO will particularly benefit from EPCI's good franchise among commercial entities and consumers, and well developed operations in fee-generating areas such as trust banking, remittances and credit cards. Significant revenue and cost synergies should arise from the integration of the two banks, due to complete by mid-2008, as led by BDO's very competent and driven management; BDO will raise P 10 billion of Tier 2 capital, and boosting its capital adequacy ratio by 2 percent to 3 percent; With the completion of the merger, BDOU will have a network of 680 branches and 1,200 automated teller machines."[3]
[edit] See also
[edit] External links
