Lucio Tan's PNB, Allied Banks merge

MANILA, Philippines - Two large banks controlled by one of the country's richest men have merged, strengthening their position in the country's recovering economy, it was announced Monday.

The near-century-old Philippine National Bank (PNB) and Allied Bank, both controlled by tycoon Lucio Tan, announced their merger, with PNB eventually to become the surviving entity.

The merged bank, to be the country's fourth largest, will have total assets of P500 billion ($12.2 billion) with 654 domestic branches and P378 billion in deposits, said PNB marketing chief Emmanuel Tuazon. [Read more]


source: abs-cbn news