Philippines Deposit Insurance Corporation PDIC says it has chosen Bank of Commerce Bancommerce to buy and rejuvenate Urban Bank, the biggest local lender to have been taken over by regulators since the 1997-98 financial crisis. The move was subsequently rubber stamped by the Philippines' central bank. The acquisition is the first of three Bancommerce is trying to pull off it is currently in talks to buy two other local banks.
We are proceeding with Bank of Commerce, PDIC president Noberto Nazareno is quoted as saying by Bloomberg. The Monetary Board has approved that in principle. Bancommerce trumped Asia United Bank, the only other bidder, because it proposed to honour all Urban Bank's liabilities...
