Philtrust Bank buys 58.3% stake in PBCom for P3.02B

Philippine Trust Company (Philtrust Bank), one of the oldest private commercial banks in the country, said Tuesday it had agreed to buy a 58.26 pct stake in Philippine Bank of Communications (PBCom) for P3.02 billion. In a disclosure to the Philippine Stock Exchange, Philtrust confirmed the bank's acceptance of a firm offer from the Nubla and Chung groups to sell their combined 100.6 million common and preferred shares in PBCom. The bank was waiting for approval by the Philippine Deposit Insurance Corp. and other government regulators. Philtrust Bank did not provide further details. - GMANews.TV