Bank of China Hong Kong Holdings (BOCHK) has agreed to acquire Vietnam and Philippines businesses from its parent Bank of China for around $238m.
BOCHK will pay RMB997m ($152m) for the Vietnamese business and PHP4.4bn ($85.9m) for the business in Philippines. The deals are subject to regulatory approval.
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Following the completion of the acquisition, all the assets and liabilities of BOC HoChiMinh City and BOC Manila branches will be transferred to BOCHK. BOC’s HoChiMinh City branch was set up in 1995, while the Manila branch was set up in 2001.
BOCHK vice chairman and CEO Yue Yi said: “The proposed transfers will help us provide better financial services to local customers and further expand our network in the ASEAN region. ASEAN markets are experiencing rapid growth with substantial development potential, particularly from the opportunities arising from initiatives such as the Belt and Road, RMB internationalisation and Mainland enterprises going global.
“We will continue to leverage BOCHK’s sophisticated financial product platform, expertise and high-end services capabilities to make BOC HoChiMinh City Branch and BOC Manila Branch become a mainstream bank in local markets, and enhance BOC Group’s overall business strength and market competitiveness in the ASEAN region.”
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