Tuesday, September 02, 2003
BSP approves Plantersbank’s acquisition of Region Bank
Bangko Sentral ng Pilipinas Deputy Governor Alberto Reyes has announced that BSP has approved Planters Development Bank (Plantersbank)’s acquisition of Region Bank (Los Baños Rural Bank, Inc.). Region Bank, the largest rural bank in the country, has gross assets of P 1.6 Billion and a network of 11 branches in Laguna, Batangas and Muntinlupa. With the acquisition, Plantersbank will have total consolidated assets of P 27 Billion. The acquisition was also approved by the Philippine Deposit Insurance Corporation (PDIC).
Plantersbank chairman and chief executive officer Jesus P. Tambunting said this move is part of Plantersbank’s strategy to expand its reach in new markets and is optimistic that the acquisition will further boost the area’s economic potential. It will also place Plantersbank in a stronger position for a more aggressive frontline service and credit delivery as they expand their reach in areas where SMEs are thriving. “Region Bank’s network of eleven branches will give us an existing platform for Plantersbank to provide entrepreneurs in the Calabarzon area our full array of products and services,” he added.
The country’s largest private development bank and nationally acclaimed as the bank for small and medium enterprises, Plantersbank is a consistent recipient of awards for SME finance. Its institutional shareholders include the World Bank’s International Finance Corporation, the Asian Development Bank and the Netherlands Development Finance Company.