PNB, Allied Bank gets a go-ahead to merge

Merger to be completed in February.

In a disclosure to the Philippine Stock Exchange, Philippine National Bank (PNB) said the Securities and Exchange Commission (SEC) approved its merger with sister company, Allied Banking Corporation. The legal merger will be finalized in February when all the regulatory approvals are met.

PNB also received word from the Financial Services Authority of the United Kingdom approving the change in control of Allied Bank Philippines (UK) Plc and PNB (Europe) Plc in relation to the upcoming merger. Foreign regulators were needed to approve the merger because PNB and Allied Bank maintain offices outside the Philippines.

PNB is the fifth largest bank in terms of assets while Allied Bank is the 13th.

In 2012, the Bangko Sentral ng Pilipinas and the Hong Kong Monetary Authority gave their approvals to the PNB, Allied Bank merger.