BDO gains full control of Generali Pilipinas

MANILA – BDO Unibank said Friday it secured regulator approval to take full control of Generali Pilipinas Holdings Co. Inc., a transaction that will enable the country’s largest lender to diversify into the life insurance space.

BDO earlier terminated its 17-year-old joint venture with Italy’s Generali Group, taking the life-insurance side of the business and leaving the non-life portion to its former partner.

BDO told the stock exchange Friday that it acquired Generali Pilipinas Holdings Company Inc. (GPHC), the parent firm of Generali Pilipinas Life Assurance Company (GPLAC) and Generali Pilipinas Insurance Company (GPIC).

The bank said GPLAC will be renamed BDO Life Assurance Company Inc., while GPIC, which was acquired by Generali, will be renamed Generali Life Assurance Philippines Inc. (GLAPI).

BDO shares were up 2.59 percent to 114.90 in early trading on Friday.