The Philippine Deposit Insurance Corp. has approved the merger of Philippine National Bank and Allied Banking Corp.
PNB will be the surviving bank in the deal.
The approval is still subject to certain conditions and it has not yet received the nod from the Bangko Sentral ng Pilipinas’ Monetary Board.
The PNB-Allied Bank merger will enable it to become the country’s top five. PNB as of the first quarter this year is already the fifth biggest bank in terms of assets worth P306.12 billion while Allied Bank ranked 13th with P167.73 billion.
The merger has been pending for some years because of the delays in the completion of Allied Bank’s divestment of its 28 percent equity share in California-based Oceanic Bank, which was necessary before securing approval from US Federal Reserve Board.
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