PNB, Allied Bank clear regulatory hurdles, to merge in Feb.
The merger of LT Group's banking units – Philippine National Bank (PNB) and Allied Banking Corporation – is set next month with all the regulatory approvals now secured.
"[W]e now have all the necessary regulatory approvals to implement the legal merger by February 2013," Doris Te, PNB Corporate Secretary, said in a disclosure at the Philippine Stock Exchange Friday.
PNB "received an advice from the Financial Services Authority (FSA) of the United Kingdom approving the change in control of Allied Bank Philippines (UK) Plc and PNB (Europe) Plc in relation to the upcoming merger," she added.
The lender also got the Securities and Exchange Commission (SEC) approval on Friday, according to the disclosure.
These approvals were the final hurdles to the merger between the banks owned by business tycoon Lucio Tan, the second wealthiest person in the Philippines.
Last year, the Bangko Sentral ng Pilipinas the Hong Kong Monetary Authority gave their respective blessings to the PNB, Allied Bank merger.
Foreign regulators were needed to approve the merger because PNB and Allied Bank maintain offices outside the Philippines.
In the Philippines, PNB is the fifth largest bank in terms of assets and Allied Bank is the 13th. — SOA/VS, GMA News