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Deutsche Bank Sells Its Philippine Trust Business To One Of The Country's Largest Banks
Deutsche Bank sells its trust business in the Philippines to Banco de Oro.
BDO, the Philippine bank, has agreed to acquire the trust business of Deutsche Bank in Manila, which covers trust, fiduciary and investment management capabilities.
The deal is in the process of securing regulatory approvals, said BDO in a statement. Deutsche Bank offers a range of services in the country, where it employs around 2,000 people. Financial terms of the sale were not disclosed, but Deutsche Bank recorded over Php70 billion ($1.6 billion) in assets under management locally as at 31 December 2013.
Banco de Oro, one of the country's largest banks and a subsidiary of the SM Group, ended the year with at least Php770 billion in AuM.
