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PNB, ALLIED BANK BOARDS APPROVE MERGER.
MANILA, May 1 Asia Pulse - A merger between the Lucio Tan-controlled Philippine National Bank (PNB) and Allied Banking Corporation (Allied Bank) was approved Wednesday by the respective Boards of Directors of both banks, with PNB as the final entity name.
PNB chief executive officer and president Omar Byron Mier, in a press briefing, said that resolutions for the merger had been endorsed to bank shareholders during the day and that this was for approval during respective shareholders' meetings in June.
He said that merger resolutions would also be submitted to regulators for approval.
The ING Bank N.V. is adviser to majority shareholders of the Allied Bank and PNB, while the UBS Investment Bank has been tapped as financial adviser to the PNB Board.
The merger would be completed in the third quarter of this year, Mier said, which was also what the bank's disclosure to the Philippine Stock Exchange for the day said.
Mier said that a share-for-share exchange would be 140 shares for every Allied Bank common share or 60-40, with the larger part for PNB and 30.73 PNB shares for every Allied Bank prefer share
He explained that the share-for-share swap figure had been arrived at using the mid-point of the dividend discount model, with PNB's total value at P36.6 billion and the Allied Bank at P25.3 billion.
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