Equitable PCI Bank taps ING Barings

Despite talks that its shareholders are no longer interested in immediately selling the bank, Equitable PCI Bank has tapped investment bank ING Barings as its financial advisor.

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Alberto Reyes said he learned of this development yesterday.

"ing was appointed to be the financial advisor that will assist them in looking for an investor. ING will be the one to package the sale of Equitable," Reyes said, adding that the BSP prefers the bank to merge with a strategic partner.

"The result will be a bigger, stronger bank that will be competitive regionally," Reyes said.

Reyes added that despite the controversy hounding Equitable, there are reports many of its depositors which withdrew their accounts at the height of the impeachment trial against President Joseph Estrada, have re-opened their accounts. He said this makes Equitable a good buy.

Equitable PCI Bank had earlier set Jan. 25 as its deadline for naming its new partner, but the bank decided to take time and look for other options for its shareholders.

Equitable PCI Bank chairman Ricardo Romulo said earlier the bank’s majority shareholders, the Go family, and state-pension funds Government Service Insurance System and the Social Security System, are rethinking their plans of selling their shares, especially now that the bank is expected to stabilize within the week.

Romulo said the bank has not chosen which of four proposals it will accept, and begin negotiations with.