HSBC to buy PCIB for US$22m

HSBC to buy PCIB for US$22m

MANILA (AFP): Hongkong and Shanghai Banking Corp. Ltd. (HSBC)
said Monday it would acquire PCIB Savings Bank of the Philippines
for 1.1 billion pesos (US$22 million) in cash.

The bank, a unit of Equitable PCI Bank, has assets of 1.4
billion pesos and 16 branches around Manila, HSBC said in a
statement.

The transaction was expected to be closed next month, with the
bank to be renamed HSBC Savings Bank (Philippines) Inc.

It would operate as a separate entity from HSBC's commercial
banking operations in the country, and focus on financial
services to personal and middle-market customers.

"PCIB's branch network provides an excellent platform for us
to expand our personal banking business," HSBC chairman David
Eldon said.

HSBC got the greenlight last month to acquire the Philippine
bank after more than three months of deliberations. HSBC is among
the longest serving foreign banks in the Philippines.