SCREENGRAB from www.pnb.com.ph
MANILA, Philippines–Tycoon Lucio Tan-led Philippine National Bank is keen on bidding for United Coconut Planters Bank, where a controlling interest is slated to be privatized by the government.
PNB president Reynaldo Maclang said in a press briefing after the stockholders meeting of parent conglomerate LT Group Inc. on Monday that the bank’s board had passed a resolution authorizing the bank to look at participating in the bidding for UPCB.
Maclang said PNB was looking for “opportunities for expansion not only (through) internal organic growth” and that a potential acquisition – such as of UCPB – would be a “faster way of growing the bank.”
The banker also said PNB was not in talks with Malaysian banking giant CIMB – or any other foreign bank for that matter – for a potential merger.
In late 2012, PNB entered into discussions with Ayala-led Bank of the Philippine Islands for a potential merger but talks fell through as the patriarch Lucio Tan did not want to be left with a small stake in a merged entity.
Moving forward, Maclang agreed that PNB’s direction would be to be the acquirer instead of the other way around in any merger and acquisition (M&A) deal. For UCPB, he said bidders like PNB were expecting to get the terms and conditions by June 10.
It was earlier reported that UCPB had mandated British bank Standard Chartered to look at the feasibility of privatizing government-sequestered shares in UCPB and drawing up the term sheet.
Aside from UCPB, Maclang said PNB was looking at two other small banks for potential acquisition.