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The landmark decision would trigger a planned merger between Philippine National Bank (PNB) and Tan's Allied Banking Corporation. Edgar Bancod, research head, ATR-Kim Eng Securities, stated that the merged bank would become the country's fourth biggest after Metropolitan Bank & Trust Co., Banco de Oro-EPCIB, and the Bank of the Philippine Islands.
The move was seen to pave the way for the merger. [19] On February 9, 2013, the PNB–Allied Bank merger was completed, with Philippine National Bank as the surviving brand. The merged bank became the fourth largest private domestic bank. Tarriela became the chairman and Mier the chief executive of the merged bank. [20]
BancNet was founded on July 17, 1990, as the Philippines' second ATM consortium when the ATMs of eight banks, PCI Bank (later Equitable PCI Bank, now Banco de Oro), Security Bank, Chinabank, RCBC, Allied Bank (now part of PNB), Metrobank, International Exchange Bank (now part of UnionBank) and CityTrust Banking Corp. (now part of BPI) formed BancNet.
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Since 2012, the company began a series of consolidation of assets belonging to Tan by acquiring interests in Asia Brewery, Inc., Fortune Tobacco Corporation, Eton Properties Philippines, Inc. (Paramount LandEquities, Inc. and Saturn Land Holdings, Inc.), Philippine National Bank, Allied Banking Corporation and Victorias Milling Company. [5] [6] [7]
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On Oct 1., the star shared a life update on Instagram and in her photo dump included a pic of her new bling dedicated to her son, whose arrival she and her husband announced on Aug. 23.