BDO Unibank Inc. said Monday its board approved a merger with its wholly-owned property development unit, SM Keppel Land Inc., with the country’s largest lender as surviving entity.
The universal bank controlled by the Sy Group in December told the Philippine Stock Exchange the conclusion of the buyout of the combined 50 percent stake of Keppel Philippines Properties, Inc. and Opon-KE Properties, Inc. in SM Keppel.
SM Keppel is the developer, manager and operator of The Podium, a retail and office complex in Mandaluyong City. The buyout of the Keppel Group will give BDO full ownership of The Podium Complex.
The merger is subject to stockholders’ and regulatory approvals.
BDO said its board likewise delegated to the bank’s president the authority to fix the final terms of the merger.
