Please be advised that the final date of actual merger between Philippine National Bank (PNB) and Allied Banking Corporation (ABC) still awaits the approval of regulatory authorities, contingent on the completion of ABC’s divestment of its 28% equity share in California-based Oceanic Bank. Due to the economic recession in the USA, the sale of ABC’s interest in said bank is expected to take a longer time frame of 12 to 18 months. The divestment is necessary given the prevailing US banking regulations on the entry of new foreign banks which is deemed applicable to PNB when it assumes ownership of Oceanic Bank by virtue of its merger with ABC.

Even with the delay, PNB and ABC have made significant progress to fast track the integration process which resulted, among others, in the following: combined training programs; alignment of procurement policies which will lead to a centralized set-up; joint review and rationalization of branches and locations; and interconnection of both banks’ ATM systems. To hasten the assimilation process, PNB’s Global Operations Sector Head EVP Anthony Q. Chua was seconded to ABC in March 2009 as Senior Executive Vice-President and COO and was elected President on May 21, 2009.

For more information on the merger, you may refer to our Frequently Asked Questions page. For inquiries, please go to our Feedback Form.

Thank you.