Private equity firm TPG [TPG.UL] plans to buy a 40 percent stake in the rural banking unit of BDO Unibank Inc, the Philippines’ biggest lender said on Monday.
TPG Growth, a unit of the U.S. private equity firm, will acquire the stake in One Network Bank, a rural bank based in southern Philippines, subject to regulatory approval.
Financial terms were not disclosed.
The Philippines relaxed foreign ownership rules for the banking sector in 2014, attracting interest from overseas investors although only a handful of deals have been completed so far.
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