Manila Bulletin
MANILA, Philippines — Philippine National Bank (PNB) and Allied Banking Corp., both controlled by tycoon Lucio Tan, expect to finalize the merger this year following months of close negotiations with US regulators on the disposition of Allied Bank's 28 percent equity in California-based Oceanic Bank.
PNB President Eugene Acevedo is confident that talks with US regulators will yield definitive results in the next months. "We've been talking (with US regulators) in the last 4-5 months and we have had constructive discussions with them (on) what is acceptable. We're hoping to get the show on the road by the end of this year," he said.
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MANILA, Philippines — Philippine National Bank (PNB) and Allied Banking Corp., both controlled by tycoon Lucio Tan, expect to finalize the merger this year following months of close negotiations with US regulators on the disposition of Allied Bank's 28 percent equity in California-based Oceanic Bank.
PNB President Eugene Acevedo is confident that talks with US regulators will yield definitive results in the next months. "We've been talking (with US regulators) in the last 4-5 months and we have had constructive discussions with them (on) what is acceptable. We're hoping to get the show on the road by the end of this year," he said.
Read here
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