Regulatory Alerts2024-12-06
CL-2024-053: Merger of BDO Unibank, Inc. and SM Keppel Land, Inc.
The Bangko Sentral ng Pilipinas issued Circular Letter CL-2024-053 to inform supervised financial institutions of the merger between BDO Unibank, Inc. and SM Keppel Land, Inc. The Monetary Board approved the transaction on 16 October 2024, with the Securities and Exchange Commission granting final approval on 18 November 2024. The merger officially took effect on 1 December 2024, transferring all assets and liabilities of SM Keppel Land, Inc. to BDO Unibank, Inc.
File/Ref. No. FSD III-2024-07-0191n-FSD3-M-PROSB Page 1 of 1 FSS Licensing Form No. 02-018 * Version 1 * Updated 31 July 2024 OFFICE OF THE DEPUTY GOVERNOR | FINANCIAL SUPERVISION SECTOR CIRCULAR LETTER NO. CL-2024-___ To : All BSP-Supervised Financial Institutions Subject : Merger of BDO Unibank, Inc. and SM Keppel Land, Inc. The Securities and Exchange Commission approved on 18 November 2024 the Articles and Plan of Merger executed on 25 April 2024 and 22 March 2024, respectively, by and between BDO Unibank, Inc. (BDO), the surviving corporation, and SM Keppel Land, Inc. (SMKL), the absorbed corporation, whereby the entire assets and liabilities of SMKL will be transferred to and absorbed by BDO. The subject merger was approved by the Monetary Board, in its Resolution No. 1206 dated 16 October 2024, subject to certain conditions. The merger took effect on 1 December 2024. For information and guidance. CHUCHI G. FONACIER Deputy Governor 06 December 2024 Digitally signed by Chuchi G. Fonacier Date: 2024.12.06 18:09:07 +08'00' 053