The Philippine Stock Exchange is looking at the possibility of merging with the Philippine Dealing and Exchange Corp. within the year, thus creating a unified platform for trading of stocks and bonds.
There seems to be no stopping the move to merge the Philippine Dealing System Holdings Corp. (PDS) with the Philippine Stock Exchange, with the latter as the surviving entity—a move that will create a unified bourse and allow fund managers, bankers and even retail investors to trade both stocks and bonds.
An official of this large publicly listed company sold some shares in his company shortly before a subsidiary reported a major adverse development that resulted in a free fall of the share prices of affiliated companies. As such, regulatory filings suggest that the official was able to lock up gains ahead of the selldown—although it remains to be proven whether he had done so because of some advanced information not available to the investing public.
It was not part of his tight schedule during his trip to Davos but (WEF) newbie P-Noy had a brief encounter with the iconic Bill Gates coming out of a meeting with WEF founder and executive chair Klaus Schwab. Emerging from the meeting with Schwab, it so happened that Gates was the next person in line so the two were able to exchange pleasantries and pose for photos. The chance encounter with Gates—a long-time WEF backer and regular Davos attendee—took about three minutes.
Philippine National Bank, the banking arm of tycoon Lucio Tan, may take in a strategic investor only after completing its merger with Allied Banking Corp. within the next 18 to 24 months.
Taipan Lucio Tan has secured the last local and foreign regulatory approvals needed to finally merge by next month his banking arms Philippine National Bank and Allied Banking Corp.
Lucio Tan-led Philippine National Bank posted a first-semester net profit attributable to equity holders of P1.77 billion, 145 percent higher year on year as hefty trading gains complemented steady interest earnings.
Philippine National Bank expects to secure the regulators’ approval of its planned merger with Allied Bank before the year ends after the Sandiganbayan denied the motion of the Philippine Commission on Good Government (PCGG) to stop the merger, said Estelito Mendoza, director and lawyer for PNB.
Philippine National Bank and Allied Bank expect to complete their full integration within the next 18 months, creating the country’s fourth-largest private bank and generating more than P1 billion in yearly cost savings for the banking unit of tycoon Lucio Tan.
Aboitiz Equity Ventures Inc. has no plans to sell its controlling stake in profitable banking unit Union Bank of the Philippines.
Philippine National Bank has taken the first crucial step to merge via an exchange of shares with Allied Bank Corp., in line with plans to finalize the union within the year.
Yuchengco-led Rizal Commercial Banking Corp. has obtained its board’s approval to merge newly acquired niche banking units Merchants Savings and Loan Association Inc. and President JP Laurel Rural Bank into a single platform for microfinancing. In a disclosure to the Philippine Stock Exchange on Thursday, RCBC said its board had approved the merger of the [...]
