PNB denies rumours that it is for sale

But this Malaysian bank is said to be wooing PNB.

According to Maybank Kim Eng, PNB, which recently merged with sister company Allied Banking Corp, has denied it is on sale. However, speculation persists and the latest buyer is supposed to be Malaysia’s second biggest lender, CIMB Group Holdings Bhd.

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CIMB had previously tried to buy Bank of Commerce (BoC) but the deal reportedly hit a snag as CIMB is legally constrained from absorbing all BoC’s real estate assets. CIMB currently has a market research tie-up with Security Bank Corp’s (SECB) investment house but is on the look-out to expand its presence in the country. If successful, it can own up to 60% of a universal/commercial, thrift or rural bank.