MANILABANK to merge with CHINA BANK

~~China Banking Corporation, the country’s first privately-owned universal bank, is acquiring the majority shares owned by the Puyat block in Manilabank. The final purchase price will be arrived at after a 30-day due diligence to be conducted by China Bank immediately after the MOA signing. In a joint press statement, the Puyat family – founders and majority owners of Manilabank – and top officials of China Bank announced the signing on June 21 of a Memorandum of Agreement, which calls for the purchase of 87.51% of Manilabank’s subscribed shares. The deal is subject to approval by the Monetary Board and the Securities and Exchange Commission.

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