New takeover code will be tested

The sale of a stake in Equitable PCI Bank will put the new Philippines takeover law to the test for the first time.

With rumours flying about as to who will buy the Go family and government stakes in Equitable PCI bank, it is clear that many of the buyers are going to face a problemĀ - the new and untested Philippine takeover code, as well as elements of the General Banking Act.

Among those rumoured to be interested in Equitable PCI are a coalition of BPI and Singapores DBS, Metrobank, AIGNewbridge and Standard Chartered. Up for grabs are the Social Security Systems 25% stake, a 12% block owned by the Government Service Insurance System and the 30% owned by the Go family.

Equitable PCIs president, Wilfrido Vergara has said he...

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