Elite Savings, along with two other subsidiaries, Equitable Savings Bank and PCI Capital Corporation, will eventually be collapsed into the mother firm, Banco de Oro Universal Bank Inc. (BDO) as the surviving entity.

The "four-way" merger of Elite Savings, Equitable Savings, PCI Capital and BDO is part of the agenda in the forthcoming stockholders' meeting scheduled on May 9.

Though, Serrano informed the PSE that the merger is part of the ongoing restructuring of BDO, the rationale behind the change in the name of Amex Savings to Elite Savings was sorely omitted.

Business Bulletin tried to get the side of BDO President Nestor V. Tan on the issue but up until press time there were no words from him.

"While, it could be part of the quasi-reorganization of the BDO structure, the owners, going forward, may want to sell the license," an industry source tried to explain "the tedious process of getting the authorities' approval for the change of name including the amendment of the articles of incorporation."

In March, BDO management informed the PSE of the decision to collapse the operations of Equitable Savings PCI Capital, a wholly-owned investment firm, with the mother company.

It was noted that of the two-other subsidiaries to be integrated into BDO, it was only Amex Savings which underwent the circuitous process of renaming the institution.

"Another possibility that Amex has an asset or pool of assets that BDO is aiming to acquire," the industry source said.

Definitely, "the management is planning something," the source pointed out., adding that selling the license could be the most logical.

"There is a noticeable increase of interest for bank licenses," the source pointed out.

This was the tack taken by Bank of the Philippine Islands in late 1990s when the lender inherited Far East Savings Bank with the purchase of Far East Bank and Trust Co. (FEBTC).

While BPI integrated FETBC's into its operations, the savings bank was maintained aside from its wholly-owned subsidiary BPI Family Savings Bank that caters to consumer lending.

Far East Savings license, meanwhile, was only sold in 2006 to the Tiu family and it now known as Sterling Bank of Asia.

"This may be is the route BDO wants to follow," the industry source said.

BDO, actually, has to three licenses under its fold -- -- two thrift and savings bank licenses of Elite Savings and Equitable Savings; and BDO Private Bank.