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
22 Nov
VWS
Hejsa Mena.  nu har jeg observeret at du kommer i meget spændende diagologer med de fleste skribente..
42
23 Nov
OW
Thomas Eriksson, som er chef for investeringsbanken Carnegie, er blevet kontaktet af Finansinspektio..
34
22 Nov
VWS
tauser, det korte svar er:......................................................................... ..
22
20 Nov
OW
Jeg er rystet over at OW Bunkers bestyrelse er rystet.   OW Bunkers bestyrelse har i dag via Altor ..
21
26 Nov
VWS
@MENA .. dit indlæg giver ikke mening i forhold til diskussionen. Men som sædvanlig kommenterer du f..
19
26 Nov
VWS
Du burde forvises fra dette forum. Hold kæft hvor er du trættende at høre på!! Du skal nedgøre alt o..
15
21 Nov
SAS-DKK
Jeg har i de sidste par måneder kikket lidt nærmere på SAS. Årsagen til min nysgerrighed skyldes;   ..
15
23 Nov
OW
Jeg er stadig af den holdning at Altor burde betale samtlige 3 mia. kr. tilbage som de har fået af O..
14
22 Nov
VWS
jeg tænker at der er ingen grund til at du er politikvinde her. Hvorfor skal du "bestemme" hvad folk..
14
22 Nov
VWS
til dig xo33, kommer sådan til at tænke på en vittighed, jeg engang hørte:   En mand i en varmluftba..
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
Deutsche Telekom and Orange are having exploratory discussions with BT
2
SDRL - Seadrill Limited Announces Third Quarter 2014 Results
3
Cytokinetics to Participate in the 26th Annual Piper Jaffray Healthcare Conference
4
Faiveley Transport announces its 2014/15 Half-Year Results
5
Geron to Present at the 26th Annual Piper Jaffray Healthcare Conference
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.
 
27 November 2014 04:32:29
(UTC) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20141126.1 - EUROWEB1 - 2014-11-27 05:32:29 - 2014-11-27 04:32:29 - 1000 - Website: OKAY