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 Oct
VWS
Fra tid til anden lytter jeg til Solveig Bjørnestad’s P1 Business. Hun er dygtig til at lave en 360 ..
36
27 Oct
VWS
Normal 0 21 false false false DA X-NONE X-NONE ..
26
28 Oct
I:SP500
Det ser grundlæggende ganske fint ud makroøkonomisk, hvilket ikke er det samme som at der ikke finde..
16
26 Oct
BAVA
Jeg synes du skulle lade være med at bekymre dig om kortsigtede udsving, og ganske enkelt gå lang i ..
16
29 Oct
VWS
Hej Pokerchamp, det du kalder 'amatør-detektiv'-arbejde er langt mere informativt end dine ukonstruk..
14
28 Oct
VWS
 Fredag d. 3. okt. i år var den norske Olie- og energiminister Tord Lien og næstformand for det nors..
14
30 Oct
VWS
Jeg sad ellers lige og kiggede endnu en ordre i Polen   34 MW Postolin Wind Farm   Den ordre må være..
13
29 Oct
FING-B
Swift - det er jo fuldkommen ligegyldigt hvad vi siger eller gør så synes du og dit slæng det er for..
12
30 Oct
DANSKE
Og pludselig savner jeg alligevel den der "røde tommel ned"  der endgang var her på EI 
11
30 Oct
GEN
Vi har en stor aftale på DuoBody med Janssen, hvor vi jævnligt hører små udtalelser der tyder på, at..
11

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
HEINEKEN majority owned subsidiaries Nigerian Breweries plc and Consolidated Breweries plc issue notice of Extraordinary General Meeting regarding Scheme of Merger
2
Barbara B. Lang to Join Piedmont Office Realty Trust's Board of Directors
3
Prairie Wind Transmission, LLC's high-capacity transmission line completed ahead of schedule, more than $60 million under budget
4
Novartis BNP Paribas Primary New Issues : Stabilisation Notice
5
Tesoro Logistics LP Delivers Strong Third Quarter 2014 Results
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.
 
31 October 2014 15:51:21
(UTC) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20141028.2 - EUROWEB6 - 2014-10-31 16:51:21 - 2014-10-31 15:51:21 - 1000 - Website: OKAY