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Tobacco and beer tycoon Lucio Tan would need to infuse an estimated P10 billion into semiprivate Philippine National Bank (PNB) to effect a turnaround, if he succeeds in taking over the struggling bank.
In a disclosure to the Philippine Stock Exchange last Friday, Allied Banking Corp. corporate secretary Pompeyo S. Tiu said Mr. Tan has resigned as chairman and director of the bank during the board of directors' meeting.
Willy S. Co was elected chairman in Mr. Tan's place while Harry C. Tan, the tycoon's brother, was elected director.
The board also approved an increase in Allied Bank's authorized capital stock to P50 billion and endorsed the same for …