ABN AMRO has reached agreements to sell its consumer banking business in the Philippines to BPI Family Bank and Robinsons Savings Bank, a subsidiary of JG Summit Holdings. The sale is subject to the approvals of the Bangkok Sentral Pilipinas and the Philippine Deposit Insurance Corporation, and will take effect after the prescribed 90-day period from the date such approvals are secured.
To BPI Family Bank, the sale involves assets (including auto finance and home mortgages) in excess of USD 70 mln. To Robinsons, the sale involves a network of 20 branches and liabilities in excess of USD 100 mln and a customer base of 22,000. The consumer business comprises 282 employees.
The divestments are in line with the ABN AMRO’s strategy of focusing on its core client segments around the world and directing capital and resources towards businesses earning higher returns.
In the Philippines, ABN AMRO recently acquired a commercial bank license. It will continue to develop its wholesale (corporate and institutional) banking activities in the country, building on its strong presence in a number of key sectors and its well established positions in corporate finance, mergers & acquisitions, financial markets, cash management and trade services. Private banking and asset management will likewise continue their presence.