PELAC is the joint venture company through which the former Equitable PCI Bank (EPCIB) and Philamlife engaged in the bancassurance business. BDO acquired its 5% stake in PELAC when it merged with EPCIB.
Philam exercised its option under their agreement to acquire BDO’s 5% stake in PELAC in line with their mutual agreement to end their bancassurance partnership. This sale also follows Philam’s signing of an exclusive bancassurance tie-up agreement with BPI in 2009. From its original 95% stake, Philam will now own 100% of PELAC.
The Bank continues to have an exclusive bancassurance agreement with Generali Pilipinas.