April 24, 1999
| | |
| ||
| April 24, 1999 | atimes.com | |
| ||
| Southeast Asia Scene set for Philippines' biggest banking takeover MANILA - Philippine Commercial International Bank's major shareholders have agreed to sell their combined 72 percent stake in the nation's fifth-largest lender, putting in motion what could be the nation's biggest banking takeover. The PCIBank stake held by the Gokongwei and Lopez families, among the wealthiest in the country, are worth 25.8 billion pesos ($680 million), based on Thursday's closing stock price. They are held primarily through JG Summit Holdings Inc., Benpres Holdings Corp., and the Manila Electric Co. pension fund. ING Barings and J.P. Morgan will handle the share sale, either through a private placement or an auction. ''This represents an opportunity for us to realize good value for our investments in the bank as we shift our resources in support of our core utility-related businesses,'' Benpres President Eugenio Lopez Jr. said in a statement. A takeover of PCIBank could trigger an intense round of consolidation in the Philippine banking industry, whose profits tumbled during the Asian currency crisis. Potential buyers include Metropolitan Bank & Trust Co., the nation's largest lender, Bank of the Philippine Islands, and Far East Bank & Trust Co. Philippine newspapers said Development Bank of Singapore Ltd. may be interested. (Bloomberg) | |||||||||
 |
|
Front | China | Southeast Asia | Japan | Koreas | India/Pakistan | Central Asia/Russia | Oceania Business Briefs | Global Economy | Asian Crisis | Media/IT | Editorials | Letters | Search/Archive |
back to the top ©1999 Asia Times Online Co., Ltd. |
