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Bangko Sentral approves Allied Bank, PNB merger
MARC JAYSON CAYABYAB, GMA News
(Updated 2:26 p.m.) The Bangko Sentral ng Pilipinas approved the merger of Lucio Tan-owned Allied Banking Corporation and Philippine National Bank (PNB), the banks said Wednesday in a disclosure to the Philippine Stock Exchange.
The PNB will be the surviving entity once the merger is in place.
The banks are now waiting for the Securities and Exchange Commission to approve the merger.
The BSP approval merely gave the go signal to a “legal merger,” PNB vice president and marketing head Noel Tuazon said, adding that the integration of operations could take one to two years,.
“What we want to happen is to get the best practices of both PNB and Allied Bank,” Tuazon told GMA News Online.
“We’ve been waiting for this for a long time. It’s a good thing we finally got the approval,” the PNB official noted.
Meetings between the banks’ management are ongoing to determine how the merged entity would handle clients, Tuazon added.
Last Dec. 16, board directors of both banks passed their respective resolutions approving a revised plan to combine Allied Bank and PNB into a single entity
The board of directors of PNB and Allied Bank passed their respective resolutions last December 16 approving the revised plan to combine the two banks.
The transaction “is subject to shareholders’ and regulatory approvals and is targeted to close within the first semester of 2012,” banks’ directors noted.
The shareholders gave their nod to the merger on March 6.
The merger will go through a process of share-for-share swap deal – with PNB shares pegged at P70 apiece – at a ratio of 130 PNB shares for each Allied Bank common share and 22.637 PNB shares for each Allied Bank preferred share.
PNB and Allied Bank claimed the merger would create a bank with “… the largest international footprint across the Asia Pacific region, Europe, the Middle East and North America.” — VS, GMA News
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