[ Manila Bulletin Online ] November 1, 2008
GE Money Bank, a savings bank, agreed to buy up to P200 million of Contract to Sell (CTS) high quality mortgage receivables from developer, Pueblo de Oro Corporation (PDO).
The acquisition is in line with GE Money Bank’s plan to extend its range of products and services across the Philippines. Pueblo de Oro Development Corporation is a member of the ICCP Group of Companies primarily engaged in investment banking and direct investments, property development and services, and is a joint-venture between Regatta Properties Inc. (RPI) and Beacon Property Ventures Inc.
(BPVI), ICCP Group Chairman and CEO, Guillermo Luchangco said, "We are looking forward to building our relationship with GE Money Bank. Consumers in Cagayan de Oro stand to benefit from GE Money’s expertise in consumer banking.’’
