Philippine bank BDO Unibank said it has no concrete plans of acquiring other banks but it may acquire the trust business of Deutsche Bank, Manila branch. BDO president Nestor Tan said the trust business of Deutsche is critical to the bank, as it will add 10% to the bank’s assets. BDO has signed a definitive agreement for the acquisition of the business, comprising trust, fiduciary and investment management activities. The transaction is still subject to closing conditions and applicable regulatory approvals. Deutsche’s trust business is reportedly posting profit, but it has not maximized its full potential. Deutsche offers local markets advice and execution across debt and equity financing; interest rate, credit, equity, foreign exchange and derivative trading; advice on mergers and acquisitions, transaction banking products and services for cash management, domestic custody and trade finance, as well as asset management services.
