A new megabank?

The sale of a large chunk of Equitable PCI Bank in the Philippines raises some interesting possibilities.

Presidential impeachments and bank mergers are not usually associated events. But then of course this is the Philippines, and anything's possible there these days.

Very strong rumours have surfaced that the Go family, the Social Security System and the Government Service Insurance System want to sell their combined 65% stake in Equitable PCI, and the most likely buyers are Bank of the Philippine Islands and Metrobank. This would create a Filipino megabank.

According to local sources, BPI publicly confirmed its interest in buying the bank yesterday.

A merged BPI and Equitable PCI would control over 25% of the banking assets in the Philippines.

But why would Go and co want to sell The...

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