Long wait is over for PNB, Allied Bank merger
By Paolo G. Montecillo
The long-awaited merger of Philippine National Bank (PNB) and Allied Banking Corp. will finally push through on Feb. 9, nearly four years after plans were first made public.
The long-awaited merger of Philippine National Bank (PNB) and Allied Banking Corp. will finally push through on Feb. 9, nearly four years after plans were first made public.
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.
MANILA, Philippines — Tycoon Lucio Tan’s Philippine National Bank will redeem ahead of maturity P5.5 billion in debt notes that qualified as Tier 2 capital using fresh funds raised from a newer and cheaper Tier 2 issuance. In a disclosure to the Philippine Stock Exchange on Friday, PNB said it would redeem all of these [...]
