Bankers are set to descend on Manila today to pitch the board of Equitable PCI for the advisory role on its sale. The bank has said that ideally it wants to sell a stake of between 20%-35% to a foreign strategic shareholder. However, thanks to the new Philippines takeover code, anyone who wants to buy more than 15% of the bank will have to make a general offer to all shareholders.
According to local analysts this could make for a tough sale. The owners want a premium, says one local bank analyst, but I am skeptical of whether they will get it.
There are three shareholders of Equitable PCI that are looking to sell...
