Bancommerce gets nod to acquire Urban Bank

Philippines Deposit Insurance Corporation (PDIC) says it has chosen Bank of Commerce (Bancommerce) to buy and rejuvenate Urban Bank, the biggest local lender to have been taken over by regulators since the 1997-98 financial crisis. The move was subsequently rubber stamped by the Philippines' central bank. The acquisition is the first of three Bancommerce is trying to pull off; it is currently in talks to buy two other local banks.