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Home  >>  Daily News  >>  Philippines News   >>  Capital Markets  >> Gokongwei bank buying RBS Philippine unit

26 February 2010

Gokongwei bank buying RBS Philippine unit

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The Gokongweis have struck a deal to acquire the local commercial banking unit of beleaguered Royal Bank of Scotland (RBS) plc, which has put up some Asian businesses for sale as part of its streamlining, reported the Philippines Daily Inquirer.

In a disclosure to the Philippine Stock Exchange, JG Summit Holdings Inc. said its thrift bank unit, Robinsons Savings Bank, had signed a share purchase agreement with The Royal Bank of Scotland Group plc and the Royal Bank of Scotland NV for the latter’s shares in RBS (Philippines) Inc.

The value of the deal was not disclosed. The RBS group has a small commercial bank presence in the country as it earlier acquired the license and remaining assets of another foreign bank, ABN Amro Bank. The Philippine unit has about 5.1 billion pesoworth of resources and 2.9 billion peso in stockholders’ equity (1$=46 peso).

The acquisition of RBS and its commercial banking license will pave the way for the upgrading of Robinsons Bank’s operations from thrift banking to commercial banking.


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