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BSP Welcomes the Planned Acquisition by BPI of Prudential Bank

07.28.2005

"We strongly welcome the planned acquisition by BPI of Prudential Bank.  This is in line with the BSP's vision of seeing a consolidation of the local banking system to lead to fewer but stronger players, particularly in the main commercial banking sector.  With this development, we can foresee similar moves by other players in order to maintain their strategic position in the industry.  The BSP stands ready to facilitate the consolidation process through appropriate regulatory incentives as may be appropriate.  Existing regulations already provide for these," BSP Governor Amando M. Tetangco, Jr. said.

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