Just got this news which I did blog about. What could this bring to PNB? Will it affect its market price?
PDIC approves merger of Allied, PNBPhilippine Daily Inquirer 2:21 am | Friday, July 27th, 2012
Taipan Lucio Tan has obtained approval from state-controlled Philippine Deposit Insurance Corp. (PDIC) to merge banking arms Philippine National Bank and Allied Banking Corp.
The merger is seen creating the country’s fourth-largest private bank.
In a disclosure to the Philippine Stock Exchange on Thursday, PNB said it had received notice from the PDIC approving the merger, subject to certain conditions, details of which were not disclosed.
“We really have a standard set of conditions contained in our consent to mergers. It would be best for us to leave to the merging entities to disclose,” PDIC president Valentin Araneta said in a text message.
(click here to read full article)