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Allied Bank merges with Philippine National Bank

Saturday 09 February 2013
Philippines

Published: 25 Jan 2013 | By mariamartens | Last updated: 25 Jan 2013
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Allied Bank merges with Philippine National Bank -
Philippine currency
flickr- Trishhhh

Four years since the possibility was first discussed two of the largest banks in the Philippines, Allied Bank and the Philippine National Bank, merge together. 


Both Lucio Tan-owned banks will maintain their presence worldwide, with more than 600 branches throughout the Asia Pacific region, Europe, the Middle East and North Africa.


Once the full integration of both banks is completed in the next 18 to 24 months, the Philippine National Bank (PNB) remains as the surviving entity. The banks' combined assets are expected to amount to P500 billion, making PNB the fourth largest bank of the Philippines. 


Once the Securities and Exchange Commission approved of the merger they called for the reclassification of PNB's authorized preferred shares into common shares. In addition, the number of directors was increased from 11 to 15. 


In a move of consolidation, all the issued and outstanding common shares of Allied Bank will be converted into common shares of PNB at a ratio of 130 PNB common shares for each Allied Bank common share.  

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About this event
Created by mariamartensCreated by mariamartens
on Fri 25 Jan 2013
Modified by mariamartensLast modified by mariamartens
on Fri 25 Jan 2013

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Location: Philippines
Date: Saturday 9 February 2013
Duration: 1 day
Planning: confirmed
Ended: 680 days ago

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Dean Bernardo

Dean Bernardo

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Dean Bernardo is a freelance journalist coordinating for various international broadcast and print news organizations based in M... moreDean Bernardo is a freelance journalist coordinating for various international broadcast and print news organizations based in Manila. His expertise includes reporting, writing-editorial, radio and television production, communication's planning and implementation, network news gathering and operations of a network, web-related news and information portals and crisis management.

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Michel is covering Indonesia for the Dutch national daily De Volkskrant. He has been based in Jakarta since 2001 and has covered... moreMichel is covering Indonesia for the Dutch national daily De Volkskrant. He has been based in Jakarta since 2001 and has covered reports about the violence in Papua, Ambon, Poso and Aceh, the Tsunami, the earthquakes in Nias and Yogyakarta, the mudflow in Eastern Java and the floodings of Jakarta. He is also available for cultural and social stories and even sports. Before 2001 Michel was De Volkskrant's correspondent in Eastern Europe, where he covered the Kosovo war.

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