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BSP Approves Merger of DBS Bank with BPI Unibank Group

12.21.2001

The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) approved yesterday the plan of merger between DBS Bank Philippines, Inc., the local commercial bank subsidiary of the Development Bank of Singapore, Ltd., and the thrift bank subsidiary of Bank of the Philippine Islands, BPI Family Savings Bank, with the latter as the surviving bank.

The BSP had earlier approved, on October 25, 2001, the BPI Group's 100% acquisition of DBS Bank thru its subsidiary, with BPI Family as the surviving bank, on condition that the merger will be implemented within one year.

The approval is consistent with the BSP's policy of encouraging the development of larger and stronger financial institutions.

With the merger, BPI Family Bank thus widens its lead as the largest thrift bank in the country in terms of assets, totaling P65 Billion, and branch network, numbering 168, as of end-October 2001.

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