PNB, Allied Bank execute merger
Office-in-charge Omar Byron Mier was appointed the PNB board president of the merged bank, replacing Carlos Pedro who had been on sick leave since suffering a stroke in July last year, the bank disclosed to the Philippine Stock Exchange on Monday.
The merger of PNB and Allied Bank took effect on Feb. 9 (Saturday), a separate disclosure said. One effect of the merger was that PNB’s public float had been reduced to 18.99 percent from 31.15 percent prior to the merger.
To factor in the wider balance sheet, PNB is moving to amend its charter to increase its authorized capital stock to P70 billion from P50 billion previous to the merger.
The proposed authorized capital–which was approved by the board but still subject to approval by stockholders and the Securities and Exchange Commission–would comprise about 1.75 billion common shares with a par value of P40 per share.
Get Inquirer updates while on the go, add us on these apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94