The agreement included purchasing of 30 branches of the rural bank, located mostly in Metro Manila and selected areas in Luzon, with total resources worth P2bn, as reported by philStar.com.
Philippine Stock Exchange (PSE), BDO said that the Bangko Sentral ng Pilipinas (BSP) had approved the transactions.
The Philippine Deposit Insurance Corp. (PDIC) had also given its consent to the integration of the banking business of the Rural Bank into BDO "subject to certain conditions."
Upon completion of the merger of the banking operations of the both firm, the consolidate branch network of BDO will touch 770, said the bank.
After "other certain conditions" are also met with the PDIC in relation to the acquisition of the Export and Industry Bank (EIB), BDO will get an additional 50 operating branches.
BDO would be running over 800 branches or the biggest branch expansion in a single year by the end of 2012.
The terms and conditions of the agreement have not been disclosed, although the firms said that the transaction is expected to close by July end this year, after obtaining concerned regulatory approvals.
