Allied Bank takeover of insurance firm OK'd

Allied Bank Corp. has received approval from the Bangko Sentral ng Pilipinas to increase its investment in New York Life Insurance Philippines Inc. to 75 percent. In a letter to the Philippine Stock Exchange dated April 17, Allied Bank said it has bought 50 percent of the insurance firm for P116.7 million. Before this transaction, the lender owned only a quarter of New York Life. “Acquisition of the majority ownership of NYLIP is in line with Allied Bank’s business plans," Allied Bank first vice president Fabian A. Pagaduan said in the letter. Allied Bank is controlled by tobacco and alcohol magnate Lucio Tan.-GMANews.TV