Philippine Business Bank merges with Insular Savers Bank

The deal facilitates PBB’s entry into the microfinance space.

The merger of Philippine Business Bank (PBB) and Insular Savers Bank, Inc. (ISBI) is expected to be completed before June 20 following the full acquisition of ISBI’s outstanding shares for $11.02m (PHP575m), reports Business World.

“This transaction gives PBB an opportunity to further strengthen its consumer lending business while establishing a foothold in microfinance market,” the bank said in a statement, adding that the acquisition will bump up its bottomline by roughly 10%.

Also read: Philippine rural banks remain flush with money depsite back-to-back branch closures

PBB is targeting to ISBI’s existing teacher’s loan license to offer the “Magkaguro Loan” to its clients in selected branches. ISBI currently operates 10 branches in Metro Manila, Rizal, Bulacan, Pampanga, Laguna, Iloilo and Albay.

The deal is still subject to the approval of the Securities and Exchange Commision.

Also Read

Why Singapore banks are a ‘safe haven’ from US market volatility

MUFG employee steals up to $12.9m from safe deposit boxes

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit