Philippine National Bank said it is not in talks with investors seeking to buy the company and plans to acquire smaller rivals once it completes the takeover of Allied Banking Corp.
Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the close in Manila.
CIMB Group Holdings Bhd. may be able to revive its attempted entry into Asia’s fastest-growing banking market by targeting Philippine National Bank.
The Philippines’ claim on $23 million its late president Ferdinand Marcos had looted and held in trust at West Landesbank AG’s Singapore branch was dismissed by a Singapore Court.
Philippine stocks fell for a seventh day, sending the benchmark index towards its longest losing streak since November 2011.
The Philippine peso fell to its lowest level in more than three months and bonds dropped after the Federal Reserve said it will start scaling back stimulus that supported demand for the nation’s assets.
Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses, and prices are as of the noon close in Manila.