Yao’s PBB denies reported talks with Taiwanese bank
This bank denied a news report tying it to a state-owned bank in Taiwan.
The Philippine Business Bank (PBB) has come clean to deny a report from the Philippine Daily Inquirer, which said that the thrift lender is in talks for a partnership with the Taiwan Cooperative Bank Co. Ltd.
In a disclosure, the bank owned by Zest-O businessman Alfredo Yao said they are taking in the foreign lender as a strategic partner, which would take off from failed partnership agreements which started years ago.
The Taiwanese bank focuses on credit to farming, fishery, cooperative and business financing, while PBB is largely into small businesses.
“We would like to inform the PSE (Philippine Stock Exchange) that PBB is not aware of any on-going discussions between the Bank and the institution mentioned in the article,” the bank said.