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Philippines: Lenders abandon merger talks

By  |  May 28, 2013
Philippines: Lenders abandon merger talks

A potential merger between the Philippine National Bank and the Bank of the Philippine Islands has been abandoned by the parties, according to reports, though the PNB’s merger with the affiliated Allied Bank Corp. is expected to continue as planned as parties look to finish the deal within two years. PNB President Omar Mier said a pricing “disadvantage” could be blamed for the merger fallout with the Bank of the Philippine Islands, but that the bank is looking for continued growth through new mergers and acquisitions opportunities when the lender becomes “equals with other banks,” which Mier said he expects to be within the next four years.

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