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                    [ArticleID] => 96990
                    [Title] => PDIC nixes PNB bid to convert loan to equity
                    [Summary] => The Philippine Deposit Insurance Corp. (PDIC) has rejected the proposal of the Philippine National Bank (PNB) to convert into equity its P10-billion loan from the state-owned insurance firm.


PDIC president Norberto Nazareno said the state-owned insurance firm cannot accept the proposal since its charter does not allow it to directly have stakes in banks and it still has to consult with the Department of Budget and Management on whether government can absorb the loan.


                    [DatePublished] => 2001-02-09 00:00:00
                    [ColumnID] => 133272
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FERDINAND MARCOS AND FIDEL V

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                    [ArticleID] => 96990
                    [Title] => PDIC nixes PNB bid to convert loan to equity
                    [Summary] => The Philippine Deposit Insurance Corp. (PDIC) has rejected the proposal of the Philippine National Bank (PNB) to convert into equity its P10-billion loan from the state-owned insurance firm.


PDIC president Norberto Nazareno said the state-owned insurance firm cannot accept the proposal since its charter does not allow it to directly have stakes in banks and it still has to consult with the Department of Budget and Management on whether government can absorb the loan.


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abtest

PDIC nixes PNB bid to convert loan to equity

February 9, 2001 - 12:00am

The Philippine Deposit Insurance Corp. (PDIC) has rejected the proposal of the Philippine National Bank (PNB) to convert into equity its P10-billion loan from the state-owned insurance firm. PDIC president Norberto...

Business