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RETAIL BANKING | Tony Chua, Philippines
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PBCom silent on 67% stake bidders

Macquarie, adviser for the merger, would submit its recommendation to the bank after it completed its evaluation.

The Philippine Bank of Communications (PBCom) was mum on who submitted bids to buy a controlling stake in the midsized bank after the deadline for offers closed on Wednesday.

In a disclosure to the stock exchange on Wednesday, the bank merely said, “various offers to invest in PBCom were submitted to...Macquarie Capital Advisers...”

Australia-based Macquarie is PBCom’s financial adviser for the sale of the 67% stake.

Raul C. Diaz, PBCom first vice-president, in a text message told BusinessWorld that all proposals were “still subject to Macquarie’s evaluation and analysis.”

Macquarie, he said, would submit its recommendation to the bank and its major stakeholders after it completed its evaluation. 

Macquarie’s recommendation, PBCom also said in the disclosure, was “subject to the final approval of the Bangko Sentral ng Pilipinas and the Philippine Deposit Insurance Corp.”

View the full story in Business World.

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