Philippines News Archives

Monday, October 18, 1999

AC ( 10/18/1999 : PSE )
We are pleased to inform the PSE that the Ayala Group, through holding company Ayala Corporation and BPI Capital Corporation, has reached agreement with the Gokongwei Group for the acquisition of the latter's approximately 20% stake in Far East Bank and Trust Co. The acquisition worth about P9.9 B reinforces Ayala's commitment to the financial services industry. The acquisition of shares of Far East Bank falls within Ayala's strategy of building up leading presence in the banking industry.
- posted by StockMarket @ 4:12 PM

AC ( 10/18/1999 : AFX )
Ayala Corp said it sees conditions favorable for a merger between its unit Bank of the Philippine Islands and Far East Bank and Trust Co after Ayala Corp acquired JG Summit Holdings Inc's 20 pct Far East Bank stake. "The sale of Gokongwei shares to Ayala tilts the contest in favor of BPI since these are equivalent to three Far East Bank board seats. The potential merger of BPI and Far East will catapult the Ayala Bank from number 3 largest bank to number 1," it said in a statement. Although nothing is final yet, other Far East Bank shareholders, Sakura Bank of Japan, the Fernandez-Cacho family, Philamlife, Phinma, and (The SM Group's) Henry Sy and even Metrobank may now be expected to dispose of their shares too," it added.
- posted by StockMarket @ 4:11 PM

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