PNB and BPI To Merge in a Huge Deal

News broke out today confirming rumors that Ayala-led Bank of the Philippine Islands (BPI) and Lucio Tan's Philippine National Bank (PNB) is in talks of merger/acquisition to become the country's largest financial entity usurping Sy-led Banco de Oro Unibank (BDO) in terms of assets. The confirmation was made through independent disclosures to the Philippine Stock Exchange(PSE) early Wednesday morning.

BPI disclosure says: "We confirm discussions with the Lucio Tan Group and will make the appropriate disclosures in accordance with the PSE disclosure rules. In the meantime, we request suspension of trading on BPI shares today." On the other hand, PNB disclosure says: "In reply, we confirm that there have been discussions between the Lucio Tan Group and the Ayala Group. We will make the appropriate disclosures within the day once we obtain the necessary board approvals. The formal
disclosure will be sent to the regulators in accordance with disclosure rules and procedures. Meanwhile, we request for the voluntary suspension of trading of PNB shares starting today."

The trading of shares of both companies was suspended accordingly.

As of September 30, 2012, BPI reports a consolidated assets totaling 867.31 Billion Pesos while PNB reports 320.73 Billion Pesos. If the merger/acquisition will pursue, the outgoing entity will have a total combined assets of 1.19 Trillion Pesos. That will be slightly above BDO's total assets of 1.17 Million Pesos, making it the biggest bank in the country.

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