Philippine National Bank and Allied Banking Corp., which are both owned by tycoon Lucio Tan, have approved a plan to merge to become the country’s fourth largest bank in terms of assets. The merged bank will retain the name Philippine National Bank.
It was once featured in Deuts Top Stories the link-up between the two ATM networks, namely; Bancnet and Expressnet.
The interconnection between the two networks has been in the news (broken link, thanks to inconsistent Manila Times online) since June 21, 2006, yet I didn’t have the opportunity to try to withdraw in any expressnet affiliated banks (e.g., BPI, BDO, HSBC, Landbank) until yesterday.
Since 1993, there has been an alliance between Bancnet and Megalink, while Megalink made an alliance with Expressnet in 1997. Transactions made between these interconnected netwoks are charged with service fees that vary between PhP2.50 to PhP12.00 (depending on the bank) against the ATM cardholders. Transactions, however, between Bancnet and Expressnet were used to be charged US$3.50 service fee per transaction. Metrobank E.T. cardholders, especially, were explicitly warned about these charges. You’ll find these warnings posted in Metrobank ATM booths.