PNB common shares jump 75 percent after merger with Allied Bank

The Philippine National Bank (PNB) merger with Allied Banking Corp., which took effect last Feb. 9, boosted by 75 percent the total outstanding shares of surviving entity PNB.

 

PNB now has 1,086,208,416 common shares from the pre-merger total of 662,245,916, the bank reported in a disclosure to the Philippine Stock Exchange on Monday, the P40 par value per share remained the same.

 

Foreign-owned shares grew by 93 percent to 317,364,744 from 164,091,624, which brought the foreign  ownership of PNB to 29.22 percent or within the constitutional limit of 40 percent.

 

Filipino-owned shares rose by 54 percent to 768,843,672 from 498,154,292.

 

With the merger, PNB was expected to turn into the fourth largest Philippine bank with total assets of over P500 billion. It recorded P320 billion in assets as of end-September last year, with Allied Bank registering P189 billion. — VS, GMA News