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2 Philippine rural banks complete merger

Philippines' Marayo Bank Inc. and Rural Bank of Oton (lloilo) Inc. completed their merger on Dec. 7.

In a Dec. 14 circular, Bangko Sentral ng Pilipinas said the merger between the two rural banks took effect after the Securities and Exchange Commission approved it Dec. 6. As part of the merger, Marayo Bank absorbed Rural Bank of Oton.