S&P: Equitable PCI Bank unaffected

Standard & Poor's said its ratings and outlook on the Philippines' Equitable PCI Bank (B/stable/B) remain unchanged following the SM Investments Corp.'s bid to purchase all remaining Equitable shares at a price of Philippine peso 92 per share, payable over two years.

Nevertheless, S&P said it will monitor the response to the offer as well as the future plans of SM Investments for its investment in Equitable, including capital infusion and merger with another bank.

SM Investments' current offer price represents a 23% premium over Equitable's closing share price of PHP75 and its offer ends on Sept. 28, the agency noted.

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