Lucio Tan's PNB eyeing to 'aggressively' buy government-held stake in UCPB 

Philippine National Bank (PNB) intends to buy the controlling stake in United Coconut Planters Bank (UCPB) now held by the government should due diligence prove this particular acquisition is the right path to growing the Lucio Tan-led PNB.

 

Later this year, the government is bidding out its majority interest in UCPB as part of a strategy to structure is recapitalization, 

 

“If it will be a positive addition to the bank, then we will aggressively bid for it,” Reynaldo Maclang, PNB president and chief operating officers told reporters at the sidelines of LT Group annual stockholders meeting in Bonifacio Global City in Taguig City. 

 

The PNB board has come up with a resolution for management to make a due diligence on UCPB, Maclang said, citing a need to spur growth at PNB.

 

PNB expects the terms of reference covering the bidding of UCPB shares to be ready starting June 10. 

 

Apart from PNB, also interested in acquiring the government-held shares in UCPB are BDO Unban Inc., Union Bank of the Philippines, and East West Banking Corp.

 

While PNB people are now dissecting the financial results of UCPB, they are also doing due diligence on two other lenders. 

 

Maclang said the two other banks, which also operate, in Metro Manila, are smaller than UCPB. He declined to name the other banks.  – VS, GMA News