Philippine Bank of Communications sale still possible

The state deposit insurer maintained hope for a possible takeover of troubled lender by March.

Talks for the sale of a 67 percent equity interest in Philippine Bank of Communications (PBCom) proved difficult even as those familiar with the deal had seen that it has reached the “advanced stage” in latter part of 2009.

Despite this, Philippine Deposit Insurance Corporation (PDIC) president Jose Nograles remains confident that a new investor will finally be named by March this year.

PBCom was still in talks with “one or two investors,” according to Nograles in a report in Business Mirror.

Whether a forced sale or a further extension of the deadline to sell will be considered should negotiations between PBCom and the supposed buyers prove to be still unfruitful by March.