Banco de Oro (BDO) Unibank has signed an agreement to purchase the Philippine trust business of Deutsche Bank.

The deal will also include Deutsche Bank’s trust, fiduciary and investment management activities in the Philippines.

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With this acquisition, the assets under management of BDO Unibank will be increased by over P70 billion.

The financial and other details of the transaction were not disclosed.

The transaction is subject to closing conditions and regulatory approvals.

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