Philippine National Bank
Merger not within 2011
Posted on October 16, 2011 10:23:28 PM

DESPITE A new scheme that would facilitate the union of the Philippine National Bank (PNB) and Allied Banking Corp. (Allied Bank), both controlled by taipan Lucio Tan, the merger is unlikely to be completed this year because of the regulatory approvals that need to be obtained.

“The merger requires the approval of the Bangko Sentral ng Pilipinas, the Securities and Exchange Commission, the Philippine Deposit Insurance Corp. and the Philippine Stock Exchange. I don’t think we can obtain [all the] approvals within the year,” said Allied Bank President Anthony Q. Chua in an e-mail to BusinessWorld last week.

“We are still working on the timetable for the activities to be completed to effect the merger of PNB and Allied Bank... I cannot provide a timetable at this time,” he added.

The merger of the two banks, originally targeted for completion in 2008, was derailed by US regulations requiring Allied Bank to sell its indirect ownership in San Francisco-based Oceanic Bank.

Allied Bank needs to divest its 28% stake in Oceanic Holding (BVI) Ltd., which owns Oceanic Bank, in view of US restrictions against new foreign banks. The merger would have PNB as the surviving entity and would be considered a new entrant to the US banking system.

Last Tuesday, the respective board of directors of PNB and Allied Bank approved a “voting trust agreement” with Oceanic Holding and Walter J. Mix III in a bid to finally carry out the merger of the two banks.

The voting trust agreement would transfer all the shares of Oceanic Holding to a trust, of which Mr. Mix is the nominated trustee. Mr. Mix is tasked to find buyers for the shares.

Allied Bank had been trying to dispose of its stake in Oceanic Holding for years but was unsuccessful.

The voting trust agreement is still subject to the approval of the US Federal Reserve Board.

Asked if Allied Bank has another option should US regulators disapprove the voting trust agreement, Mr. Chua said: “We are optimistic the agreement will be approved.”

PNB would become the country’s fourth largest bank in terms of total assets once the merger is completed.

PNB shares closed at P56.40 apiece last Friday, 5.71% or P3.05 higher than a day earlier. -- Ann Rozainne R. Gregorio
"“You can’t cross a sea by merely staring into the water.” -Rabindranath Tagore
oh well, whats another year worth of waiting hahaha!
The World is a Vampire . . .
[Image: pnb102411.png]

The stock has retraced 38.2% already from its bullish rally... if one would look at the historical price action of the stock, it usually retraces around 382%-50% from a strong bull rally. Today, it formed a bullish harami pattern, which signals that the stock may reverse from its recent downtrend. A convincing white candlestick with a price higher than the previous today might confirmed this reversal.. round 2 perhaps? Medyo nearing overbought conditions na siya.. Momentum-wise.. kaya pa ata mag round 2.
Twitter: @TraderTactics
Gapped up, but made a bearish Belt Hold Line last Friday. Sad

Might fill the gap and either consolidate or trend down slowly...
Twitter: @TraderTactics
By Weiyi Lim - Nov 3, 2011 9:52 AM GMT+0800

Philippine National Bank (PNB) increased 3.9 percent to 55 pesos after the company owned by airline and tobacco tycoon Lucio Tan said a plan to merge with Allied Banking Corp. can now proceed.

"“You can’t cross a sea by merely staring into the water.” -Rabindranath Tagore
US regulators okay escrow of Allied holdings in California bank
By: Doris C. Dumlao
Philippine Daily Inquirer
12:51 pm | Thursday, November 3rd, 2011

MANILA, Philippines—Allied Bank has obtained approval from US banking regulators to cede its 27.8 percent stake in Oceanic Holdings (BVI) Ltd. to an independent trustee while divestment is being worked out, the Lucio Tan-led company said Thursday.
This approval by the US Federal Reserve removed the remaining barrier to Allied Bank’s delayed merger with Philippine National Bank, it added in a disclosure to the Philippine Stock Exchange.
Oceanic Holdings owns niche US bank Oceanic Bank based in San Francisco, California.
In separate disclosures to the exchange, Allied Bank and PNB said the US Fed approved on Oct. 28 a voting trust agreement which would allow Allied Bank to place shares of Oceanic Holdings in a temporary trust in order to facilitate the merger “in a manner that addresses US regulatory concerns.”
Previously, US banking regulators required Allied Bank to unload its minority stake in Oceanic before giving its consent to the merger with PNB.
The independent trustee will be charged with voting the shares of Oceanic and arranging for the sale of the shares to an unrelated third party or parties acceptable to the Federal Reserve Board.
With this flexibility allowed by the US bank regulators, Allied Bank and PNB said they could now proceed with the implementation of the merger.
It was earlier reported that the Lucio Tan group had nominated Walter Mix III as the independent trustee. PNB, as successor in interest in Oceanic Bank upon merger, will assume all rights and responsibilities under the voting trust agreement.
Since the announcement of the plan of merger in 2008, both banks have made significant progress among others on the following: synchronization of information technology systems; alignment of products and processes; human resource development; branch rationalization and expansion.
After the merger, PNB is expected to fortify its position as the fourth largest domestic bank in terms of total assets. It will also have the most extensive distribution network with the largest international presence among local banks.
"“You can’t cross a sea by merely staring into the water.” -Rabindranath Tagore
HSP na to!
The World is a Vampire . . .
^^Pila sa baba - madaming butas nung umakyat.
4 gaps? isa pa lng na filled..
when GOD steps in, MIRACLE happens.....

It's more fun in FOREX!!!

(11-30-2011, 10:09 PM)vester Wrote: 4 gaps? isa pa lng na filled..

Check daily and weekly, looks like a giant flag to me,wag lang kayo magsasabi ke Jefe baka ma dos por dos ako Big GrinBig GrinBig Grin

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