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.

Comments

4 Steps to Replace Stolen or Lost Passbook

My passbook (inside my bag) was recently stolen inside a local grocery store, and I would like to share the steps I took to secure my account and get a new passbook. By User:Aerous ", CC BY-SA 3.0 , Link The steps outlined here are for a BPI savings account, but generally, the procedure will be very similar to other banks in the Philippines. 1. Call the Bank to Secure Your Account The first and most crucial step you need to do immediately is to contact your bank by phone or personally report it to the branch where you opened the account. This action will ensure that funds will stay put. The bank will lock the account immediately. The big banks have 24/7 hotlines. For BPI, it's 889-100. You have to do this step ASAP after discovering the loss. 2. Go to the Branch to Ask for a Replacement of the Passbook It can mean a simple replacement of the lost passbook, but it can also mean closing the entire account and opening a new one for security purposes. 3. Get an Affidav

Resigning? SSS Will Deduct Your Loan Balance from Your Last Pay

The purpose of this article is to inform the public about this policy of the Social Security System (SSS), the government-owned insurance company for those employed in the private sector. I just learned about this a few months ago when my company announced a workforce reduction program. Among the sad discussions is about this policy of SSS regarding loans in cases of resignation or retrenchment. Section G-2 of the SSS Loan Terms and Conditions (at the back of the loan application form) explicitly says the following: "The employer shall deduct the total balance of the loan from any benefit/s due to the employee and shall remit the same in full to SSS, in case the member-borrower is separated voluntarily (e.g., retirement or resignation) or involuntarily (e.g., termination of employment or cessation of operations of the company)." In other words, y ou will be required to pay the rest of your loan (including the interest) when you change employer or employment statu

How Much Does a MRI Scan Costs in the Philippines?

My dad needs a Magnetic Resonance Imaging (MRI) scan for his prostate problem. I did a little research on how much does it cost to have one. Well, it depends on many factors, such as which body part is to be scanned. There's also this technique called "MRI with contrast," wherein the patient will be injected with a chemical to make the scan clearer. For your information, this technique of adding contrast is known as Gadolinium Contrast Medium . It adds cost to the procedure, but with more clarity, the more you can trust the diagnosis. MRI Machine KasugaHuang , CC BY-SA 3.0 , Link So, in my father's case, we had a Prostate MRI, and I assume it was without contrast since he was never injected with the "contrast" chemicals. We got it in i-Scan Healthcare Inc. here in Quezon City. The cost is 13000 Pesos . Please take note that the amount was just for the scan, and a separate professional will read the result. Some laboratories offer this service (i.e

BLOGGED PHILIPPINES

Search This Blog