BDO Unibank Inc., the country’s largest lender controlled by the Sy Group, said Thursday it has secured regulatory approval for its merger with wholly-owned subsidiary, The Podium Complex Inc. BDO will be the surviving entity.
The merger, a strategic move aims to streamline operations and consolidate resources under one entity, has been approved by the Bangko Sentral ng Pilipinas and the Philippine Competition Commission.
The merger follows BDO’s buyout of interests from Keppel Philippines Properties, Inc. and Opon-KE Properties, Inc. last December. The buyout was a significant step in strengthening BDO’s control over The Podium Complex.
Shareholder approval for the merger was obtained during the annual shareholders’ meeting held on 19 April 2024, where more than two-thirds of the outstanding capital stock supported the plan. This strong backing reflects confidence in the strategic direction of BDO.
