PNB eyes strategic capitalist once merger with Allied Bank

Philippine national bank, the banking arm of tycoon Lucio Tan, might soak up a strategic capitalist solely once completing its merger with Allied Banking corporation. within future eighteen to twenty four months. Acting PNB president Omar Mier aforementioned any merger and acquisition would probably proceed one time the 2 banks have incorporate.

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The Lucio Tan group had been in talks with the Ayalas on a prospective Bank of the Philippine Islands-PNB union however the exclusivity period lapsed last September, opening the door to new suitors. But Mier aforementioned the priority would be to own an efficient integration with Allied Bank in order to boost profit.

Other business sources aforementioned the framework earlier prepared for bpi to take over a incorporate PNB-Allied Bank wasn't acceptable to the group’s patriarch. whereas Tan was willing to take in strategic partners in PNB, they aforementioned the most acceptable model was the one finished the tobacco business in which the group gave up management control however kept a 50-percent stake in the combined entity. [read more]



Source: business.inquirer.net