21/11/2012 02:35:00

Bank of the Philippine Islands, Philippine National Bank Confirm Talks Of Merger

By Rhea Sandique-Carlos

MANILA--Bank of the Philippine Islands (BPI.PH) and the Philippine National Bank (PNB.PH) confirmed Wednesday they are in talks toward a possible merger.

"We confirm that there have been discussions between the Lucio Tan Group [which controls PNB] and the Ayala Group [which controls BPI]," the two lenders said in separate filings to the stock exchange.

PNB said a disclosure will be made Wednesday regarding the deal.

The Philippine Stock Exchange said a trading suspension on both PNB and BPI shares will be implemented Wednesday.

The filings confirm a report in the Philippine Daily Inquirer that said BPI is in advance talks to acquire a majority stake in PNB.

The combined assets of the two banks is about 1.2 trillion Philippine pesos ($29 billion), comparable to BDO Unibank Inc., the country's largest lender in terms of assets, the newspaper said.

Write to Rhea Sandique-Carlos at rhea.sandique-carlos@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

November 20, 2012 21:35 ET (02:35 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
20 Sep
 
Ejer af fiskerestaurant i Sæby står til at miste 500.000 kr. ialt på retsag tabt mod Jensens Bøfhus!..
28
17 Sep
 
Jeg har lagt mærke til, at det er de samme personer, der igen og igen er negative til stort set alt...
24
15 Sep
FING-B
Så stop dog for pokker med alt det sædvanlige fnidder fnadder og forstå at dette debatforum stensikk..
16
21 Sep
VWS
For Vestas langsigtede markedspotential er CO2 kvoteprisen vigtig. Indtil videre har det dog været e..
14
19 Sep
GEN
lidt noter fra GENs præsentation hos BoA her i dag - noterne er fra Q&A efter Jan's præsentation. I ..
13
18 Sep
VELO
Jeg tog lige et genhør med svarene på dette spørgsmål i den telekonference, som Veloxis afholdt i fo..
13
17 Sep
MAERSK-A
Jeg er enig med jer begge i det meste. Problemet er bare at mange forsøger at slå markedet ved at fi..
12
17 Sep
DANSKE
6212?
12
17 Sep
 
Jeg tror du tager fejl. 90 % af brugerne på EI ved i realiteten intet om økonomien i de selskaber de..
12
09:56
 
Tænkte at der nok ikke var mange som har læst dommen, og kunne falde i den fælde som MIF altid gør. ..
10

Tech Companies Send Criticism Along With NSA-Related Data -- Update

04/02/2014 00:06:00
By Danny Yadron Technology companies including Google Inc. and Microsoft Corp. released new figures on the amount of data requests they received from U.S. ..

U.S. Hot Stocks: Hot Stocks to Watch

03/02/2014 14:07:00
Among the companies with shares expected to actively trade in Monday's session is Herbalife Ltd. (HLF). Herbalife Ltd. (HLF) raised its fourth-quarter outl..

Pfizer Study Meets Primary Endpoints

03/02/2014 13:05:00
Pfizer Inc. (PFE) said Monday that a Phase 2 trial of its advanced breast cancer treatment met its primary endpoint. Pfizer said a study comparing the effec..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
MHG - Change to the Board of Directors
2
Wärtsilä and MAN Diesel & Turbo initiate HERCULES-2 research project aimed at minimizing emissions
3
Novo Nordisk A/S - Share repurchase programme
4
Citycon Group intends to issue a Eurobond
5
Outokumpu stainless steel creates a first ever maintenance free boat
Euroinvestor around the globe: Euroinvestor.dk | Euroinvestor.se | Euroinvestor.no | Euroinvestor.fr | Forexinvestor.com| Wisselkoersen.nl | Valuta.se | Valutaveksel.no | Divisas.es | Valute.it
Copyright Euroinvestor A/S 2014   Disclaimer and Terms of Use
Quote information is delivered by Interactive Data.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
22 September 2014 17:16:04
(UTC) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20140919.1 - EUROWEB7 - 2014-09-22 18:16:04 - 2014-09-22 17:16:04 - 1000 - Website: OKAY