Philippine Business Bank Inc. denied speculation that it was considering a deal with Taiwan Cooperative Bank Ltd. about a possible equity investment.
The former said in a bourse filing that it was not aware of any ongoing discussions with the latter, in response to a Philippine Daily Inquirer report that the two lenders have reportedly shown interest in resuming talks about a buy-in deal following stalled discussions in 2016.
Taiwan Cooperative Bank had previously expressed interest in acquiring equity in Philippine Business Bank and becoming equal partners with the group of businessman Alfredo Yao, who started the Philippine lender in 1997.
Philippine Business Bank had said in 2016 it was looking for a foreign bank to collaborate with as it sought to upgrade into a universal bank. It is the fifth-largest thrift bank in the Philippines with a focus on lending to small and medium-sized enterprises.