The Philippine Competition Commission said Wednesday it approved East West Banking’s acquisition of Philippine Bank of Communications’ (PBCom) auto loan portfolio.
The transaction, which involves the acquisition of a portion of PBCom’s auto loan receivables limited to dealership-generated accounts, will not likely result in substantial lessening of competition in the auto loan market, the antitrust body said in a statement.
“This is premised on the finding that the transaction will not likely result in any significant change in market structure, and after the transaction, there is sufficient competitive constraints from other banks offering the same loan types and leases,” the PCC said.
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