Filipino Billionaire Lucio Tan’s Bank Plans $1 Billion Prime Asset Sale
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Philippine National Bank is seeking to dispose of three prime properties that it values at about $1 billion as early as this year, a person familiar with the plan said.
The lender owned by billionaire Lucio Tan plans to realize the value of a 10-hectare property along Manila Bay, as well as an office building and a prime lot in the nation’s main financial district in Makati City, said the person, who asked not to be identified as the plan has yet to be approved by shareholders and regulators.