BANCO DE ORO-EPCI: Denies Reports of Manila Banking Merger
Company Reporter, June 15, 2007
Banco de Oro-EPCI denied reports that
it is in talks to acquire Manila
Banking Corp. in a disclosure submitted yesterday to the Philippine
Yesterday, Ray Enano, of the Manila Standard, wrote that the bank was in
talks to merge with Manila Banking. Mr. Enano cited a source
that Manilabank directors were told to prepare their resignation letters
in face of the impending merger. The article further said
that the deal
was expected to close in the next two weeks.
* * *
Banco de Oro-EPCI is the result of a merger between Banko de Oro
Universal Bank and Equitable PCI, with BDO as the surviving entity.
The Troubled Company Reporter – Asia Pacific reported on November 9,
2006 that Fitch Ratings affirmed the ratings of Banco De Oro Universal
Bank, as follows:
* Individual 'C/D', and
* Support '3'
* * *
On June 1, 2007, Moody's Investors Service said it had withdrawn its
ratings for Equitable PCI Bank (EPCI) following its merger with Banco de
Oro Universal Bank (BDO).
In a statement, Moody's said the merged entity, Banco de Oro-EPCI, will
assume BDO's "Ba2" rating both for its senior unsecured debt
subordinated debt, with a stable outlook.
Moody’s withdrew its ratings for Equitable PCI following the merger.
* * *
The Troubled Company Reporter – Asia Pacific reported on June 11, 2007
that Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its merger
with Banco De Oro Universal Bank became effective on May 31.
S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-EPCI.