Banco de Oro To Buy First E-Bank Assets

Manila, September 27: | Updated: Sep 28 2002, 05:30am hrs
Banco de Oro Universal Bank, one of Philippines top 10 private banks, said on Friday the central bank had approved its planned acquisition of parts of First E-Bank Corp, a unit of cash-strapped property group Metro Pacific Corp.

The acquisition takes place amid calls from the central bank for local banks to consolidate to strengthen the banking system. Banco de Oro did not say how much it paid to acquire certain assets and liabilities of First E-Bank.

The two banks have been in talks since last November.

Metro Pacific spokesman David Nugent said the acquisition is expected to be finalised by the middle of November, but Metro Pacific does not anticipate significant cash benefits from the sale of First E-Banks assets and liabilities.