As economic sanctions loom over the Philippines as a result of the increasing tension between the Philippines and Taiwan what kind of effect will it have on the two countries?
Ayala hopes to finalize PNB deal before 2012 ends
MANILA, Philippines - Ayala Corp., the country's oldest conglomerate, hopes to finalize within the year a deal with the Lucio Tan group to create the country's top lender.
Ayala CFO Delfin Gonzalez said banking unit Bank of the Philippine Islands (BPI), and Lucio Tan-owned Philippine National Bank (PNB) are reviewing the terms and conditions of a planned merger.
BPI and PNB recently confirmed they are in talks for a transaction that banking sources said will involve a share swap, giving the two parties stakes in each other.
“We will disclose [the terms] when there’s already a signed agreement,” said Gonzalez at the sidelines of the listing of Ayala's P10-billion bond offer on the Philippine Dealing Exchange.
Asked if he thinks a deal will be sealed before the year ends, Gonzalez replied: “hopefully.”
BPI and PNB said in separate disclosures Friday, November 23, that their boards have taken no action yet on the negotiations. - Rappler.com
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