In a disclosure to the stock exchange, PNB said: "we received ... advice from the BSP (Bangko Sentral ng Pilipinas) under Monetary Board Resolution No. 1270 dated Aug. 2, 2012, approving the plan of merger and articles of merger of PNB and Allied Bank, with PNB as the surviving entity."
Allied Bank President Anthony Q. Chua, in an e-mail, yesterday said: "[Pending SEC approval,] the two banks continue to meet and plan the integration process. This will continue until the merger is fully completed."
PNB and Allied Bank are still responding to SEC queries regarding the merger, he said.
Philippine Deposit Insurance Corp. was the first of three regulators to approve the merger, issuing its approval on July 26.
The plan, approved by the banks’ shareholders in 2008, is expected to be implemented this year. New share swap terms were approved in March.
PNB will exchange 130 PNB common shares for each Allied Bank common share and 22.763 PNB common shares for every Allied Bank preferred share. The PNB shares will be issued at P70 apiece, up from the P55 approved in 2008. PNB will issue a total of 423.96 million common shares.
Also in March, Allied Bank sold a 28% indirect stake in San Francisco-based Oceanic Bank to California-based FNB Bancorp, clearing another merger hurdle.
Full integration of the Tan-led banks is targeted for completion 18 months after SEC approval, Mr. Chua said. After the merger, PNB will have 650 branches and assets of over P500 billion, making it the country’s fifth largest bank.
PNB earned P1.169 billion in the first quarter, up 1,000% from a year earlier. Allied Bank, meanwhile, netted P629.105 million in the same period, up 153%.
PNB shares closed at P72.95 apiece yesterday, up 20 centavos.
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