MANILA (21-Nov-2012/PNA) – Ayala-led Bank of the Philippine Island (BPI) and Lucio Tan-led Philippine National Bank (PNB) confirmed Wednesday news about the banks’ possible merger.
In a disclosure with the Philippine Stock Exchange (PSE), both banks confirmed the report that came out on the website of a major daily.
“We will make the appropriate disclosures within the day once we obtain the necessary board approvals,” the PNB disclosure said.
Both banks asked the Philippine Stocks Exchange (PSE) for a trading halt on their respective shares during the day due to the release of the information.
The Inquirer.net said BPI was in “advanced talks” to buy majority share in PNB.
The merger is projected to surpass the Sy-led Banco de Oro Unibank (BDO) as the largest banks in the country in terms of assets.
BDO’s assets amounted to P1.153 trillion to date, while P867.3 billion for BPI and P198.4 billion for PNB.
All three banks are publicly listed and in terms of market capitalization, BPI has the largest level at P314.6 billion followed by BDO’s P244.57 billion and PNB’s P55.69 billion.
Similarly, the report said Metropolitan Banking Corp. (Metrobank) was also in talks with PNB for possible merger, which the former denied.
“Metrobank denies that it explored the possibility of a merger with PNB,” the Yungchengco-led bank said in a disclsoure with the Philippine Stock Exchange (PSE) Wednesday. (PNA)