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
26 Aug
VWS
Til Euroinvestor administrator! Jeg må forlange at Administrator forbyder pjneumann at deltage i deb..
109
27 Aug
 
I gamle dage, var der et sted hvor man kunne aflevere disse ønsker, men jeg ved ikke hvor det er nu,..
58
30 Aug
VWS
  London baseret analytiker Pinaki Das fra Bank of America Merrill Lynch fik i denne uge skabt en st..
49
31 Aug
VWS
Normal 0 21 false false false DA X-NONE X-NONE ..
43
26 Aug
VWS
Skal vi ikke alle stoppe denne interne hån! Ingen kan lide at tabe penge, skulle vi ikke istedet giv..
40
01 Sep
OGZPY
Jeg vil gerne update forum om hvad der sker og hvad det kan medføre - Jeg befinder mig midt i Ukrain..
24
26 Aug
VWS
Det er geni-streg Bank of America i dag har lavet. De har fundet to argumenter til at skabe frygt på..
17
28 Aug
VWS
Et godt råd er ikke at overlade dine investeringer til anonyme "rådgivere" fra et forum som i den gr..
15
27 Aug
VWS
Hej kanonkaj   Er enig i, at der skal holdes en ordentlig tone... Men hvad synes du om ordlyden af o..
15
30 Aug
I:SP500
Jeg vil mene at vi er et sted imellem Relief og Optimism.   Med hensyn til dine punkter: All time h..
13

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
Michelin : Michelin completes the acquisition of Sascar
2
Starbreeze AB announces intent to acquire Geminose Inc. and sets up North American operations
3
Ahlstrom considers issuance of a new bond and announces a voluntary tender offer for its outstanding bond
4
EUROCOMMERCIAL PROPERTIES N.V. CONCLUSION OF TRANSACTIONS BUYBACK PROGRAMME
5
ALSTOM SA: Alstom completes the sale of its Steam Auxiliary Components activities to Triton
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.
 
02 September 2014 00:34:33
(UTC) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20140825.1 - EUROWEB4 - 2014-09-02 01:34:33 - 2014-09-02 00:34:33 - 1000 - Website: OKAY