A significant shift is underway within one of the Philippines’ largest financial institutions. BDO Unibank, Inc. has moved to divest its controlling interest in Dominion Holdings, Inc. (DHI), marking a strategic realignment for the banking giant.
The agreement, finalized Monday, involves the sale of 1,513,732,718 shares – a commanding 70% stake – to Monte Sur Equity Holdings, Inc. The transaction values DHI at approximately P2.54 billion, with each share changing hands for P1.68.
This sale signifies a fundamental change in DHI’s relationship with BDO. Once a subsidiary, DHI will now operate independently, free from BDO’s direct control and influence.
BDO framed the move as part of a broader effort to optimize its organizational structure. The bank explained that the divestment aligns with its ongoing strategy following DHI’s transformation into a dedicated investment holding company.
However, the deal isn’t yet complete. The transfer of ownership remains contingent upon fulfilling specific closing conditions and securing the necessary regulatory approvals from relevant authorities.
This transaction represents a notable development in the Philippine financial landscape, signaling BDO’s commitment to refining its focus and streamlining its operations for future growth.
