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Philippines' Producers Savings Bank acquires 2 rural lenders

Manila-based Producers Savings Bank Corp. has acquired two rural lenders, Bangko Rural ng Pasacao (Camarines Sur) Inc. and Bangko Rural ng Magarao (Camarines Sur) Inc.

The bank said March 16 that it formally took over the two companies' management on Feb. 19 and Feb. 21, respectively.

The acquisitions, which are part of Producers Savings Bank's expansion plan with a focus on the Philippine province of Camarines Sur, are the 12th and 13th M&A deals of the bank.