PNB-Allied Bank merger gets nod of SEC, UK regulators
MANILA, Philippines–Taipan Lucio Tan has hurdled the remaining local and foreign regulatory approvals needed to execute the much-awaited merger between his banking arms Philippine National Bank and Allied Banking Corp. by next month.
The Financial Services Authority of the United Kingdom has approved the change in control of Allied Bank Philippines (UK) Plc and PNB (Europe) Plc in relation to the upcoming merger of their parent banks, PNB disclosed to the Philippine Stock Exchange on Friday.
At the same time, the SEC has approved the merger and the corresponding amendment to PNB’s bylaws reclassifying PNB’s authorized preferred shares into common shares and increasing the number of directors from 11 to 15.
“This we now have all the necessary regulatory approvals to implement the legal merger by February 2013,” the disclosure said.