Chinabank to merge with Manila Bank

SM Investments controlled China Banking Corp. on Friday announced that it has merged with Puyat-owned Manila Bank. In a statement to the Philippine Stock Exchange Chinabank said the final purchase price for Manila Bank will be arrived at after a 30-day due diligence, to start immediately after the signing of the memorandum of agreement between the two lenders. The MOA was signed on June 21. Chinabank has agreed to purchase the 87.51 percent block of Manila Bank owned by the Puyat family. "The resulting merger will boost China Bank’s network of 155 branches by 75 branches from Manila Bank, on top of the ongoing 3-year branch expansion program of China Bank," Chinabank said in its statement. The deal is still subject to approval by the Bangko Sentral ng Pilipinas' Monetary Board and the Securities and Exchange Commission. - GMANews.TV