Maybank bids for PNB

Maybank bids for PNB

MANILA (AFP): Malayan Banking Bhd. (Maybank) has submitted the only bid to buy a commercial bank subsidiary of Philippine National Bank (PNB), the Filipino bank said Tuesday.

PNB told the Philippine Stock Exchange in a statement that Maybank had fully satisfied all requirements for the auction of 60 percent of PNB-Republic Bank.

It said the Malaysian bank submitted an 80 million-peso (US$ million) deposit but did not disclose the full offer for PNB- Republic Bank, for which it has set a floor price of 800 million pesos.

The Philippine bank said other pre-qualified bidders failed to submit offers and that Maybank's bid would be evaluated with a decision due by Jan. 12.

PNB-Republic Bank had a gross 1995 turnover of 354.6 million pesos during time which it posted a net loss of 28.3 million pesos.