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Philtrust Bank denies Yap family's planned stake sale

Philtrust Bank denied that the family of Don Emilio Yap is looking to sell their stake in various assets, including the bank.

The bank was responding to a request for clarification from the Philippine Stock Exchange in regard to a Jan. 5 report from Bilyonaryo about a potential sale.

The news outlet cited an unnamed investment banker as saying that the Yap family were looking to sell assets including Philtrust Bank, Manila Hotel and Manila Bulletin. Yap, who died in 2014, has held a stake in Philtrust Bank since 1978, Bilyonaryo reported.

The bank said that the report is "absolutely not true and without basis whatsoever."