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Moody's ups Philippine National, affirms Allied Banking
Moody's Investor Services said it changed the outlook on the Philippine National Bank's E bank financial strength rating and local-currency deposit and debt ratings to positive from stable. Moody's also said it affirmed the bank's potential merger partner Allied Banking Corp.'s E+ bank financial strength rating with stable outlook.
These actions follow a recent court decision about a shareholder that clears the way for the merger between the banks, both of which are majority owned by the Lucio Tan Group.
Philippine National stands to benefit from Allied Banking's established relationships with middle market Filipino-Chinese firms, further expansion of overseas operations and Allied Banking's stronger financial fundamentals, Moody's said.
However, merger-related integration risks may prove challenging, the agency said. As the merger proceeds, it may suffer customer losses and a further decline in franchise value as it falls behind key competitors, Moody's said.
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