One of the Philippines’ largest banking company, the Bank of the Philippine Islands (BPI) confirmed the news that they are in a discussion with the Lucio Tan Group to acquire a stake in the Philippine National Bank.
In a news report from the Philippine Daily Inquirer, there already an “advanced talks” between the Ayala and Tan groups for a majority stake in PNB.
BPI stated that ” We confirm discussions with the Lucio Tan Group and will make the appropriate disclosures in accordance with the PSE disclosure rules,” BPI said in a statement.
Meanwhile the Philippine National Bank, (PNB) confirmed through a separate disclosure that stated “We will make the appropriate disclosures within the day once we obtain the necessary board approvals,” PNB said. They have issued the statement in connection with the Ayala Group and Tan Group talks.
Both banks the BPI and PNB have also requested for voluntary trading suspension on their shares on Wednesday morning. With the combined (–foul word(s) removed–)ets of BPI and PNB which could reach up to P1.2 trillion, they could now rival BDO Unibank, the country’s biggest bank in terms of (–foul word(s) removed–)ets.
