BPI-PNB Merger Talks

In a disclosure to the Philippine Stock Exchange (PSE), the Bank of the Philippine Islands (BPI) and Philippine National Bank (PNB) have confirmed discussions of a possible merger. BPI seeks to acquire a majority stake in PNB in its bid to become the country's largest lender by assets, a position currently held by BDO Unibank, Inc. (BDO). The trading of BPI and PNB shares was halted this morning by PSE because of the merger talk. Yesterday, BPI closed at 88.45 (3.21% up) and PNB at 84.10 (11.69% up).