PNB, Allied Bank merger set for Feb. 9

The merger of Philippine National Bank (PNB) and Allied Banking Corp. will happen on Feb. 9, PNB said Tuesday.

 

In a disclosure to the Philippine Stock Exchange, PNB corporate secretary Doris Te said the schedule is in line with the banks' Amended plan of merger “subject to the approval of the same by the board of ABC."

 

"We would like to inform the exchange that during a special meeting of the bank’s board of directors... [on Tuesday], the board approved to set the effective date of the merger between Philippine National Bank and Allied Banking Corp. on Feb. 9, 2013," PNB noted in the disclosure.. 

 

As part of the merger, the Securities and Exchange Commission approved the reclassification of PNB authorized preferred shares into common shares and increased the number of directors from 11 to 15.

 

PNB will be the surviving entity and emerge as the fourth-largest Philippine bank in terms of assets. As of end-September 2012, PNB registered P320 billion in assets and Allied Bank had P189 billion. — VS, GMA News