Lucio Tan's PNB, Allied Bank to finally merge on Feb. 9
MANILA, Philippines - The merger of tycoon Lucio Tan's two banks, Philippine National Bank and Allied Banking Corp., will finally push through on February 9, the former said in a disclosure on Tuesday.
PNB said its board of directors approved said date during a special meeting on Tuesday although this is still subject to the approval of Allied Bank's board of directors.
The merger has come to its final stage as final regulatory approvals have been granted to both banks earlier this month.
PNB and Allied Bank has received regulatory approvals from the Financial Services Authority of the United Kingdom and the Philippines' Securities and Exchange Commission last week.
Those were the final regulatory approvals awaited after the Bangko Sentral ng Pilipinas and the Hong Kong Monetary Authority already gave theirs last year.
The merger is seen to create the country's fourth largest bank.
However, with PNB late last year confirming talks with the Bank of the Philippine Islands for another merger, the end result could give birth to the country's largest bank.