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Philippines : PHILIPPINE NATIONAL BANK secures approval for capital increase.

The Securities and Exchange Commission approved Philippine National Bank (PNB) to increase its capital as part of its merger with Allied Bank Corp.

According to PNB, the SEC cleared last week the amendments to its Articles of Incorporation, raising its authorized capital stock to P70 billion divided into 1.75 billion common shares with a par value of P40 per share.

PNB, before getting approval, had an authorized capital stock of P50 billion comprising 1.25 billion common shares with a par value of P40 per share. The bank stated that it lifted to bolster its capitalization to hold its wider balance sheet following its merger with Allied Bank last year that created the country s fourth largest bank.

Billionaire Lucio Tan holds Allied Bank and PNB that was the surviving entity.

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Publication:Mena Report
Date:Jul 23, 2014
Words:144
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