PDIC approves bank merger The Philippine Deposit Insurance Corporation recently approved a merger of the Philippine National Bank and Allied Banking Corporation, solidifying a deal that has been pending for several years.

According to the Manila Bulletin Publishing Corporation, PNB received the authority from PDIC recently, but the approval is still subject to conditions and the deal has not received final word from the Bangko Sentral ng Pilipinas Monetary Board.

“We received today an advice from the PDIC granting consent to the proposed merger of PNB with Allied Bank with PNB as the surviving entity,” said the bank’s corporate secretary, Doris Te.

The merger has been pending because of the delays in the completion of Allied Bank's divestment of 28 percent equity share in the Oceanic Bank.

PNB has been in the integration process with Allied since 2009 while the company waited for regulatory approvals. Since the proposed merger was announced in 2008, both banks have made progress in areas related to strategic sourcing and spend management by synchronizing their IT systems, aligning their products and processes and working together on HR development, according to the PDIC.

Shareholders of California United Bank and Premier Commercial Bancorp recently approved a merger of the two companies in a deal estimated to be worth $38.2 million, according to the San Fernando Valley Business Journal.
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