February 24, 2014 / 1:00 AM / 6 years ago

BDO to acquire Deutsche Bank's trust business in Philippines

MANILA (Reuters) - BDO Unibank Inc (BDO.PS), the Philippines’ top lender, said on Monday it had signed a definitive agreement to acquire the trust business of Deutsche Bank AG, Manila Branch.

The deal includes Deutsche Bank’s (DBKGn.DE) trust, fiduciary and investment management activities in the Philippines, BDO said in a filing to the stock exchange.

The transaction is subject to closing conditions and regulatory approvals, BDO said.

Financial and other details of the deal were not disclosed.

Reporting by Erik dela Cruz; Editing by Paul Tait

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