Abu Dhabi-Backed Company Acquires Philippine Agricultural Bank

Salmon, a consumer fintech company backed by Abu Dhabi Holding Company (ADQ), announced on Tuesday that it has acquired a majority stake in a Philippine agricultural bank. Salmon stated in a statement that it has received approval from the Philippine central bank to buy 59.7% of Santa Rosa Agricultural Bank in the Laguna province, south of the capital Manila. The company, founded in 2022, mentioned that it will offer AI-centric credit products and will open new branches. A recent financial inclusion survey conducted by the Philippine central bank indicated that approximately 34 million Filipinos do not engage with banks, or 44% of the total adult population, as of 2021. In December, the International Finance Corporation, a member of the World Bank Group, announced it is considering investing $7 million in equity in the fintech holding company operating Salmon.