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THE Presidential Commission on Good Government (PCGG) poses no
objection to the merger between the Philippine National Bank and
Allied Banking Corp., both owned by tycoon Lucio Tan, as it will not
dilute his assets being chased by the government.
Narciso Nario, PCGG Commissioner for Legal
Affairs, said that the only time that they will object to a merger
by Tan is if he does it with a third party, or involves a bank which
is not his.
In a statement, the two banks said the
merger will be effected through a share swap and is expected to
close in the third quarter of this year. The merger is subject to
regulatory approvals and scheduled for shareholders’ ratification
on June 24.
PCGG Legal Director Jay Miguel said their case
against Tan is still very much active.
“The lifting of the sequestration does not
mean the government lost the case,” Miguel said.
-- Francis Earl A. Cueto
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