BSP approves PNB-Allied merger

ABS-CBN News

Posted at Aug 15 2012 11:11 AM | Updated as of Aug 16 2012 01:14 AM

MANILA, Philippines - Philippine National Bank and Allied Bank, both owned by tycoon Lucio Tan, are one step closer to a merger, as PNB says it has received approval from the Bangko Sentral ng Pilipinas.

The planned merger now just needs the nod of the Securities and Exchange Commission (SEC).

Tan has wanted to merge his two banks for years but was blocked by a US regulator, which required Allied Bank to sell a California subsidiary first.

After the merger, PNB will be the country's fifth largest lender. - ANC