Investment firm TPG Growth acquiring 40% stake in One Network Bank, a Davao-based rural bank subsidiary of the Philippines’ BDO Unibank. ONB has around 100 branches and offices. Following the transaction, BDO will retain approximately 60% ownership in ONB. Nester V. Tan, president and CEO of BDO Unibank, said the bank is looking forward to working with TPG to accelerate ONB’s expansion and to develop new products to cover the underserved market segments. ONB will benefit from TPG’s global experience in financial services, especially in developing markets, he added. TPG has partnered with more than 15 financial services companies across Asia. It has invested in a wide variety of financial services companies throughout Asia, including Indonesian financial institution BFI, Janalakshmi, India’s largest microfinance institution and the Shenzhen Development Bank in China.
