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BDO Unibank unit gives up trust license

BDO Unibank Inc. unit One Network Bank Inc. (a Rural Bank) will exit from its trust and other fiduciary business as it surrendered its trust license, The Philippine Star reported March 11.

The Bangko Sentral ng Pilipinas approved the surrender of the trust license, said Restituto Cruz, assistant governor in charge of the supervision and examination sector of the central bank.

BDO Unibank also surrendered the banking and trust licenses of Banco de Oro Savings Bank Inc., which has become an inactive subsidiary.