PNB, Allied Bank get final approval for merger
MANILA, Philippines - The Philippine National Bank has received all the needed regulatory approvals for its pending merger with Allied Banking Corp.
In a disclosure on Friday, PNB said it has obtained approvals from the Financial Services Authority of the United Kingdom and the Philippines' Securities and Exchange Commission with regard to the upcoming merger.
The two nods are the final hurdles needed to be cleared by the PNB and Allied Bank before they can proceed with the merger.
"Thus, we now have all the necessary regulatory approvals to implement the legal merger by February 2013," PNB said.
The merger is seen to create the country's fourth largest bank.
PNB and Allied Bank last year obtained the approval from the Bangko Sentral ng Pilipinas for their merger. The two have also already received th nod from the Hong Kong Monetary Authority in 2012.
Approvals from regulators abroad are needed as PNB and Allied Bank had offices outside the Philippines.
In November last year, PNB confirmed talks with the Bank of the Philippine Islands for a merger, which would result to the country's largest bank in terms of assets given the PNB-Allied Bank merger.
But PNB and BPI denied their boards had already approved the merger as the two banks insisted discussions are still underway.