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Philippine tycoon's banks merge

Two large banks controlled by one of the Philippines' richest men have merged, strengthening their position in the country's recovering economy, it was announced Monday. The near-century-old Philippine National Bank (PNB) and Allied Bank, both controlled by tycoon Lucio Tan, announced their merger, with PNB eventually to become the surviving entity. The merged bank, to be the country's fourth largest, will have total assets of 500 billion pesos ($12.2 billion) with 654 domestic branches and 378 billion pesos in deposits, said PNB marketing chief Emmanuel Tuazon.
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