Philippine GE Money now a Banco De Oro subsidiary

Banco De Oro has completed the purchase of 98.81 percent of the issued and outstanding common stock of GE Money Bank. At the same time, the Bank finalized the acquisition of the entire preferred capital stock of GE Money Bank in the Philippines.

With the completion of the transaction, GE Money Bank becomes a subsidiary of BDO.

Simultaneous with and as a component of the acquisition of GE Money, BDO issued to GE Capital Philippines Investment Holdings 37,735,849 new common shares at a subscription price of US$0.7044 per common share or for a total of US$26.58 million. The subscription price was based on the average closing price for the last 10 trading days.

"We see this as a win-win situation for both companies. We are very pleased to be working with GE and look forward to exploring opportunities for future collaboration," said BDO president Nestor V. Tan.

For his part, Mark Arnold, CEO of GE Capital Global Banking in Southeast Asia, commented: "We are pleased to have concluded the transaction with BDO. With its superior market presence and clear strategy for growth we believe BDO will provide our business, people and customers with the best opportunities for long-term success and as such, we look forward to exploring potential opportunities for further collaboration in the future."