Bank of China HK agrees to buy Vietnam, Philippines businesses from parent

BEIJING, Nov 6 (Reuters) - BOC Hong Kong Holdings Ltd , a unit of Bank of China Ltd, said on Monday it had agreed to acquire the Vietnamese and Philippine businesses from its parent for about $238 million, the latest step in the bank’s restructuring in Southeast Asia.

The proposed transfer is $152 million for the Vietnamese business and 4.40 billion pesos ($85.9 million) for the Philippine business, the bank said in a filing to the Hong Kong stock exchange.

The transactions are part of BOC’s push to expand its presence in the ASEAN region and improve customer service, product innovation and marketing capability.

In February, BOC Hong Kong bought the Indonesian and Cambodian operations from BOC for about $377 million.

Goldman Sachs acted as financial adviser to BOC Hong Kong for the two acquisitions. ($1 = 51.2 pesos) (Reporting By Shu Zhang and Ryan Woo; Editing by Nick Macfie)