In an unusual some might say unprecedented move, the board of the bank awarded ING Barings the sole mandate to look for a foreign partner, and JP Morgan the sole mandate to look for a domestic merger partner.
However, it is believed that the board of the bank is now somewhat ambivalent about the whole sale process. Rumours of the sale first hotted up in the last days of Estradas administration. A loss of confidence hit the bank and rumours reckoned it lost as much as Ps30 billion $573.61 million of deposits in a matter of weeks. Equitable PCI sought to quell the loss of confidence and announced it...
