PSE OKs listing of more BDO shares

By Honey Madrilejos-Reyes

Reporter

THE Philippine Stock Exchange (PSE) has approved the application of Banco de Oro Universal Bank (BDO) to list additional common shares to cover its merger with Equitable PCI Bank Inc. (EPCIB). BDO is listing additional 1,308,606,021 common shares with a par value of P10 per share at an exchange ratio of 1.80:1, or 1.80 BDO common shares for each EPCIB common share. The shares will be listed after BDO has complied with various requirements of the stock exchange.  At the same time, the corresponding delisting of the EPCIB common shares shall take effect on the listing date of the said shares. On December 27, respective shareholders of BDO and EPCIB approved the merger of the two entities in separate special stockholders’ meetings that paved the way for the creation of Banco de Oro-Equitable PCI Bank Inc. The integration of the banks’ networks is up for completion in 2008. The merged entity—BDO Universal Bank—will create the second-largest bank in terms of total assets. It will be the third biggest in net loans, second in deposits and third in branch network. At present, Metropolitan Bank & Trust Co. is the largest Philippine bank, followed by the Bank of Philippine Islands. The respective boards of directors of BDO and EPCIB approved the merger on November 6. Observers hail this as the largest merger in Philippine banking history. The transaction is subject to regulatory approval and is expected to be consummated this quarter.

http://www.businessmirror.com.ph/0223&242007/companies02.html