MANILA – The Philippine Deposit Insurance Corp. has given its approval to the merger of the Tan-led Philippine National Bank and Allied Banking Corp.
In a disclosure with the Philippine Stock Exchange yesterday, PNB said it received Wednesday an “advice” from PDIC “granting consent to the proposed merger of the Philippine National Bank with Allied Banking Corporation.”
The approval, the disclosure added, identified PNB as the surviving entity.
Taipan Lucio Tan’s PNB started merging with Allied Bank as early as 2008.
In December last year, stockholders of both banks approved the amendments in their merger plan with PNB as the surviving entity.
The stockholders also gave their approval for the issuance of 130 PNB shares for every Allied Bank common shares and 22.763 PNB shares for every Allied Bank preferred share.
The merger will result to the creation of 4th largest private domestic bank in the country.
In the first quarter this year, PNB reported a net income of P1.2 billion, 11 times higher than last year’s P104.7 million.
Relatively, Allied Bank’s net profit rose to P529.11 billion, up from the P209.3 million it posted same period in 2011.*PNA
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