Allied-PNB merger stalled anew

Allied Bank’s merger with PNB was stalled anew after it failed to divest its shares in California-based Oceanic BVI.

The buyer of the stake in Oceanic BVI based had withdrawn his offer to buy 27.87-percent stake in the California bank, according to a Philippine Stock Exchange disclosure, as cited by a Philippine Daily Inquirer report.

Allied Bank is required by US banking regulators to divest its stake in Oceanic Bank prior to its union with the Philippine National Bank, which will be the surviving entity in the forthcoming merger.

According to the disclosure, Allied’s merger with PNB will still be pursued, and the integration activities will continue with a view to improve revenue opportunities and operational efficiencies for both banks.

Follow the link for more news on

Also Read

Philippine central bank eyes AI rules for banks

Westpac appoints Kate Dee as chief people officer

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit