HKMA approves ownership bid for HK-based Philippine bank

LT Group Inc. becomes majority owner of Allied Banking Corp.

The Hong Kong Monetary Authority has approved LT Group’s application to become the majority shareholder controller of ABCHK, which is owned 51% by Philippine National Bank. LTG’s current ownership in PNB is equivalent to 45.5%. LTG is the listed flagship of the group of companies controlled by Filipino businessman Lucio Tan, who also owns PNB. ABCHK posted US$1.4 million profit in the first six months of the year, up 37% from US$997,000.

Total assets stood at US$200.8 million while total liabilities amounted to US$15.7 million. The bank said total loans reached US$108.5 billion, of which US$98.5 billion were used in Hong Kong; US$3 billion were used in the Philippines, while US$6.95 billion in China.

Loans in Hong Kong were mostly used for industrial, commercial and financial and were invested mainly in property, wholesale and retail trade, manufacturing, transport and transport equipment, information technology and stock brokers.

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