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BDO Unibank, China Banking to expand branch networks

Manila-based BDO Unibank Inc. and China Banking Corp. plan to spend 11 billion Philippine pesos to expand their branch networks and improve IT.

BDO Unibank confirmed the plan March 13 following a report that conglomerate SM Investments Corp. will spend about 50 billion pesos in 2018 to expand its two banking units' branch network and IT. The bank clarified that the budgeted amount for the expansion was 11 billion pesos, not 50 billion pesos as reported.

As of March 13, US$1 was equivalent to 51.94 Philippine pesos.