Ayala Corp., current owner of the Bank of the Philippine Islands (BPI), is hopeful that the merger with Lucio Tan-owned Philippine National Bank (PNB), will be concluded before the end of the year.
Chief finance officer of Ayala Corp., Delfin Gonzalez, confirmed this but qualifies that there is no timeline for the merger. He said that it is still in the process of being reviewed.
Both banks confirmed that a possible merger is being negotiated but denied reports which said that the planned merger has been approved by their respective boards.
A merger between these two banks will result in becoming the Philippines’ largest bank in terms of assets, ABS CBN News reported.
