MANILA, PHilippines - Henry Sy-led BDO Unibank Inc. said it is no longer interested in bidding for shuttered Export and Industry Bank Inc. (Exportbank).
"We confirm that BDO Unibank Inc. does not intend to submit the requirements of the Philippine Deposit Insurance Corporation for its rebidding for the rehabilitation of the Export & Industry Bank," the company said in a disclosure to the Philippine Stock Exchange on Tuesday, March 19.
The Bangko Sentral ng Pilipinas ordered the bank closed, citing its "inability to meet obligations" and "insufficient reliable assets to meet its liabilities."
BDO previously offered to take over the ailing bank. However, the negotiations fell through due to legal problems.
BDO is the country's biggest bank by assets. It has 750 operating branches and over 1,800 ATMs nationwide. - with a report from Christian Bautista/Rappler.com