6 vie for advisorship in sale of PNB shares by NG, Tan Group

The proposed joint sale by the National Government and the Lucio Tan group of their combined 67-percent stake in Philippine National Bank (PNB) has attracted six banks and financial institutions vying to be the financial advisor for the choice deal.

Credit Suisse First Boston, JP Morgan and Morgan Stanley have already submitted proposals, according to the Philippine Deposit Insurance Corp. (PDIC).

PDIC president Ricardo M. Tan said the selection of the financial advisor will be done immediately. The financial advisor will be tasked to draw up the best scenario on the sale of the 67-percent PNB stake.

The Department of Finance (DOF) and the PDIC will review the proposals of the six investment banks. "We must move forward," they said.

Meanwhile, PNB executive vice president Omar Mier is rumored to have the inside track to the presidency in an acting status following the resignation effective April 10 of Lorenzo Tan.

PDIC’s Tan revealed that recommendations for Mier’s appointment as acting president will be tackled at tomorrow’s board meeting. Mier will fill the post in an acting capacity until a president is elected at PNB’s annual stockholder’s meeting scheduled on the third week of May.

The sale of government’s stake in PNB will give the National Government some P10 billion since it controls 46 percent of common and preferred shares. Of the amount, roughly P2.5 billion will go to the Bureau of Treasury (BTr) and approximately P7.8 billion to PDIC.