The Lucio Tan group (LT Group Inc) has begun to consolidate its stake in Philippine National Bank (PNB), after the recent merger between PNB and Allied Bank. Both banks were controlled by Tan, and were officially merged on Monday, February 11, via a share swap deal. Seven firms were acquired by the LT Group to own 22.72% of PNB. These include: Donfar Management Ltd, Fast Return Enterprises Ltd, Fragile Touch Investments Ltd, Mavelstone International Ltd, Uttermost Success Ltd, True Success Profits Ltd, and Key Landmark Investments Ltd. Indirect stakes in PNB will also be acquired via investments in 4 more companies that already own 7.77% of the bank. The 4 include Merit Holdings & Equities Corp, Ivory Holdings Corp, Leadway Holdings Inc, and Dunmore Development Corp. The LT Group is in the process if acquiring additional stakes in various Tan-owned companies that include Asia Brewery and Fortune Tobacco, among others.