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Philippine National Bank to further boost stake in local insurer

Philippine National Bank seeks to further increase its stake in Allied Bankers Insurance Corp. to 33.1% from 4%.

In a May 31 disclosure, the bank said its PNB Holdings Corp. subsidiary will exchange 3,126,000 shares in PNB General Insurers Co. Inc. for 93,204,327 shares in Allied Bankers Insurance. The latest share swap transaction follows the bank's agreement in April to exchange its 6 million shares in PNB General Insurers for 178,895,061 shares in Allied Bankers Insurance.

Upon completion of the share swap agreements, the bank and PNB Holdings will boost its stake in Allied Bankers Insurance to 33.1% from 4%.

The transactions are subject to regulatory and other necessary approvals.