PBB Acquires Insular Savers Bank
Caloocan—(PHStocks)—Philippine Business Bank (PSE: PBB) has reached an agreement with the shareholders of Insular Savers Bank Inc. (ISB) for the acquisition of 100% of the total outstanding capital stock of ISB.
ISB has a total of eight branches as of June 2015. ISB has an attractive loan portfolio consisting primarily of consumer and commercial loans. It was established in 1997 by the Martirez family of the Unicapital Croup.
The acquisition of Insular Savers Bank underscores PBB’s commitment to expanding its footprint in the SME-rich areas.