Merger of Banco de Oro Unibank, Inc. with its Subsidiaries, namely, BDO Elite Savings Bank, Inc., Equitable Savings Bank, Inc. and PCI Capital Corporation

CIRCULAR LETTER NO. CL-2008-074

To:  All Banks and Non-Bank Financial Institutions

Subject: Merger of Banco de Oro Unibank, Inc. with its Subsidiaries, namely, BDO Elite Savings Bank, Inc., Equitable Savings Bank, Inc. and PCI Capital Corporation

The Securities and Exchange Commission (SEC) approved on  30 October 2008 the Plan of Merger and Articles of Merger executed on 9 May 2008, by and among BANCO DE ORO UNIBANK, INC. (BDO), surviving corporation, and BDO ELITE SAVINGS BANK, INC. (BDO Elite), EQUITABLE SAVINGS BANK, INC. (ESB), and PCI CAPITAL CORPORATION (PCICC), absorbed corporations, whereby the entire assets and liabilities of BDO Elite, ESB and PCICC will be transferred to and absorbed by BDO.

The approval took effect on 30 October 2008.

For information and guidance.

NESTOR A. ESPENILLA, JR. Deputy Governor