MANILA, Philippines - There was no deal reached after the exclusivity period for the negotiation between the Ayala and Lucio Tan business groups ended, putting in question the initial plans to create potentially the country's largest financial institution.
"We note that the exclusivity period for the talks between the shareholders of BPI and PNB lapsed last December 15, 2012," Tan-led Philippine National Bank (PNB) told the exchange on Monday, December 17.
"We would like to inform the Exchange that to date, we have not received any official communication on the matter," it added.
"There are no further developments on the ongoing talks with the Lucio Tan Group that would warrant disclosure," Ayala-led Bank of the Philippine Islands (BPI) said in a separate disclosure.
The two groups announced on November 21 that they are negotiating.
The deal may result in a combined entity that will unseat Banco de Oro Unibank, owned by the country's richest man Henry Sy, as the country's largest bank by assets.
BPI is the Philippines' third-largest lender, with assets of P842.6 billion by the end of 2011, while PNB's assets amounted to P316.3 billion.
A merger between the two will result in combined assets of P1.56 trillion, slightly higher than BDO's P1.1 trillion as of end-2011.
Moody's Investors Service Singapore Pte Ltd. was also banking on the merger to upgrade the credit rating of PNB and Allied Banking Corporation (ABC). - Rappler.com
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