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. Last Updated: 07/27/2016

Philippine Bank Deal

MANILA -- Canada's Bank of Nova Scotia and Manila-based Metropolitan Bank and Trust Co. said Thursday they had signed an agreement on the sale of Scotiabank's 40 percent stake in Solidbank Corp.

Metrobank, the Philippines' largest bank, said it would pay Scotiabank an average of 1.8 times the book value for Solidbank shares in a deal comprising 50 percent cash and 50 percent via a share swap - valuing the deal at about $95 million.

The move paves the way for the merger of the two Philippine banks and ensures Metrobank's number one position in the industry with the impending merger of Bank of the Philippine Islands and Far East Bank and Trust Co.