MANILA, Philippines - The Lucio Tan-led Allied Bank denied it was reviving talks with Chinese banking giant Industrial and Commercial Bank of China (ICBC), calling a report about it as "speculative."

In a disclosure to the stock exchange on Thursday, January 3, Allied Bank refuted the Bizz Buzz entry of the Philippine Daily Inquirer stating that the Lucio Tan group is poised to 'rekindle discussions with an old banking flame,' referring to ICBC, which had talks with the Lucio Tan group in 2010.

"Please be advised that...[the] news article has no basis at all and is highly speculative. There is no indication from either side of any intent to renew the discussion of the matter," it said.

The Lucio Tan-led banking units -- Allied Bank and Philippine National Bank (PNB) -- were previously negotiating with the Ayala-led Bank of the Philippine Islands (BPI), but the December 15 deadline for the exclusivity period between the two came and went with no deal sealed.

This could have created what could potentially be the country's largest financial institution in terms of assets, unseating BDO Unibank, which in turn is led by the country's richest man, Henry Sy Sr. - Rappler.com