According to Philippine Stock Exchange, BDO sign an acquisition deal of the trust business of Deutsche Bank AG’s Manila Branch. That’s expanding BDO’s assets under by over P70 billion.
The transaction made is subject to closing conditions and applicable regulatory approvals.
As for the record, Deutsch Bank ended over P70 billion worth of assets last year under management. And, BDO, ended up with over P770 billion worth of assets under management.
With this new acquisition of BDO, SM-led is having around P840 billion of assets that is now making them the biggest local banking and finance industry.