Just got this news which I did blog about. What could this bring to PNB? Will it affect its market price?
from: www.inquirer.net
PDIC approves merger of Allied, PNB
Philippine 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)
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