BSP Approves China Bank’s Bid To Acquire Remaining Stake In Planters Bank
News: The Bangko Sentral ng Pilipinas (BSP) has approved China Banking Corporation's bid to acquire the remaining 13.59% shares of Planters Development Bank, subject to the submission of pertinent documents and meeting certain requirements. China Bank paid PHP1.59bn (USD2.17bn) to acquire an 84.77% stake in Planters Bank that was earlier owned by the Tambunting family, related parties and the Dutch lender FMO. China bank's board has also approved the timetable for the voluntary tender offer for the remaining shares, with the tender offer period starting on June 16 2014 until August 15 2014. The tendered acceptance will be given between August 18 and August 22 2014, with the settlement period set for August 25 to 29.