Talks on PBCom sale in “advanced stages”

PDIC head told the media of bank’s possible acquisition by investors.

Negotiations for the sale of a controlling equity interest in midsized Philippine Bank of Communications (PBCom) are now in the “advanced stages,” according to Philippine Deposit Insurance Corp. (PDIC) president Jose Nograles.

But because of a confidentiality agreement he signed with the parties involved in the transaction, Nograles declined to neither identify the prospective buyers nor give further information, as mentioned in a report in Business Mirror.

“The bank is in the advanced stages of negotiations with the potential investors. I don’t want to make any further comments, but I believe they are talking to one or two [groups],” Nograles told reporters.

“Maybe a firm offer is about to be made,” he said, when asked to explain what “advanced stages” mean.

Australian investment bank Macquarie has until the end of the year to do its job as financial adviser to PBCom for the equity sale, he said.