PBCom clarifies banking article

MANILA, Philippines -  In the banner story “New chief, new directions at PBCom” which appeared on page B-6, Banking and Finance section yesterday, it was mistakenly stated that Philippine Bank of Communications’ leading stakeholder is British fund manager Ashmore Group. PBCom clarified that based on a memorandum of agreement signed in July 26, 2011, the ISM Group was selected as strategic third- party investor (STPI), having control of 97.28 percent of PBCom’s outstanding capital. The Chung and the Nubla groups remained major stakeholders. Eric O. Recto is the chairman of the bank while Nina Aguas is president and chief executive officer. The Ashmore Group does not have a stake in the bank. Our apologies for the error.