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China/Philippines: Shareholders clear China Bank unit, Unity Bank merger

By  |  July 19, 2013
China/Philippines: Shareholders clear China Bank unit, Unity Bank merger

Shareholders of China Bank’s thrift bank operations China Bank Savings have cleared a proposed merger with Philippines-based Unity Bank, say reports, though government regulators have yet to approve of the deal. According to merger plans, China Bank Savings would absorb Unity Bank, and Unity’s branches will be integrated into CBS’s banking systems, leading to at least 73 branches under CBS, according to the lender’s president Alberto Emilio Ramos. Financial details of the deal were not disclosed, but CBS said it will submit the necessary documentation for the acquisition by mid-August. The deal will be subject to approval by the Securities and Exchange Commission and the Bangko Sentral ng Philpinas.

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