Banco de Oro awaits Equitable PCI's move on merger proposal.

(From BusinessWorld (Philippines))

Byline: Ma. Elisa P. Osorio

Banco de Oro Universal Bank of mall magnate Henry Sy wants Equitable PCI Bank to make the next move if the latter wants a higher price to effect a merger between the two banks.

"They [Equitable PCI] will have to approach us," Nestor V. Tan, president of Banco de Oro, told BusinessWorld.

He said Banco de Oro will not up its offer price until Equitable PCI formally speaks to them.

"We have not spoken with them. They haven't approached us," Mr. Tan said.

Mr. Sy controls Banco de Oro and holds, through …