The Bangko Sentral ng Pilipinas (BSP) is reviewing four bank merger applications and one acquisition proposal.

BSP Governor Benjamin E. Diokno said there were also studying two other proposals.

Diokno said the BSP wants  “stronger, more resilient banking institutions that are adoptive to the ever changing financial environment.”

The BSP currently oversees 46 universal and commercial banks, 47 thrift banks and 420 rural and cooperative banks.

To simplify M&As, the BSP, Philippine Deposit Insurance Corp., Securities and Exchange Commission, Cooperative Development Authority and the  Philippine Competition Commission agreed to agreed to simplify and cut procedures from 58 documentary requirements to just 30.

They also agreed to reduce the processing time of  proposals to 55 business days from 160 days.

The post Diokno:  5  M&A proposals under scrutiny first appeared on Bilyonaryo Business News.



Diokno:  5  M&A proposals under scrutiny
Source: Filipino Daily Inquirer