Allied Bank and PNB Expect Merger this Year

No schedule has been set yet as regards the reported bank merger between Allied Banking Corp. (PSE: ABC) and Philippine National Bank (PSE: PNB). In a statement provided by Allied Bank to the Philippine Stock Exchange (PSE), the reason is due to the fact that Allied Bank has yet to divest its stake in the U.S.-based Oceanic Bank. But PNB President Eugene S. Acevedo is hopeful that the merger will happen this year.

Both Allied Bank and PNB are controlled by Lucio Tan.

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