MANILA, Philippines - The Bank of the Philippine Islands (BPI) on Wednesday confirmed it is in discussions with the Lucio Tan group to acquire a stake in the latter's Philippine National Bank.
In a disclosure, BPI confirmed the Philippine Daily Inquirer's report on the "advanced talks" between the Ayala and Tan groups for a majority stake in PNB.
"We confirm discussions with the Lucio Tan Group and will make the appropriate disclosures in accordance with the PSE disclosure rules," BPI said.
PNB, in a separate disclosure, also confirmed the talks between the Tan and Ayala groups. "We will make the appropriate disclosures within the day once we obtain the necessary board approvals," PNB said.
BPI and PNB also requested for voluntary trading suspension on their shares Wednesday morning.
Combining the assets of BPI and PNB could reach P1.2 trillion, which would rival BDO Unibank, currently country's biggest bank in terms of assets.