Central bank approves merger of Banco de Oro, Equitable PCI

April 24, 2007
Updated 11:26:45 (Mla time)

Xinhua Financial News Service

MANILA, Philippines -- The Bangko Sentral ng Pilinas, Manila’s central bank, has approved the merger of Banco de Oro Universal Bank, and Equitable PCI Bank Inc, and they are now awaiting final regulatory approval from the Securities and Exchange Commission (SEC), the two banks said.

They separately informed the stock exchange that they had received Friday the central bank's notice of its approval and its endorsement of the merger to the SEC.

Banco de Oro has said it would list 1.3 billion more common shares, with a par value of P10 per share, as part of the arrangements for the merger. Equitable
PCI shareholders will receive 1.8 Banco de Oro common shares for each Equitable PCI share they hold.

The P613-billion merged entity will be known as Banco de Oro-EPCI Inc., and controlled by the family of retail tycoon Henry Sy.

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