brokerage outfit; and PNB Forex, which engages in foreign exchange trading. It also has a majority stake in PNB-Japan Leasing Corp. For life insurance requirements of PNB clients, it has a substantial equity stake in Beneficial PNB Life. Merger with Allied Banking Corporation On December 7, 2007, the Supreme Court of the Philippines affirmed a judgment dismissing the state's sequestration of Lucio Tan's companies: "There can be no question that indeed, petitioner's (the government's) orders of sequestration are void and have no legal effect." The landmark decision would trigger a planned merger between PNB and Tan's own Allied Banking Corporation. Edgar Bancod, research head, ATR-Kim Eng Securities, stated that the merged bank would become the country's fourth biggest, after Metrobank, Banco de Oro, and Bank of the Philippine Islands. On December 12, 2007, official statements from PNB and Allied Bank confirmed the impending merger of both banks by early 2008. In August 2009, PNB and Allied Bank were expected to complete their merger within the next six to nine months after the latter sells its 28% stake in California-based Oceanic Bank. As of July 7, 2010, the remaining stumbling block to the merger was addressed, as the latter found a buyer for its minority stake in a California-based bank. The move was seen to pave the way for the merger. On February 9, 2013, the PNB–Allied Bank merger was completed, with Philippine National Bank as the surviving brand. The merged bank became the fourth largest private domestic bank. Tarriela became the chairman and Mier the chief executive of the merged bank. Mier was the chief executive until he retired on May 27, 2014; Mier was replaced by Reynaldo Maclang as the president and CEO. Maclang served as the president and CEO until his retirement on November 15, 2018. Jose "Wick" Veloso became the president and CEO on November 16, 2018. Employee unions In Japan, employees of the Tokyo branch of the PNB are represented by the union Tozen. See also Allied Banking Corporation Department of Finance References Further reading Largest Banks in the Philippines (2009) External links Philippine National Bank Banks of the Philippines Companies listed on the Philippine Stock Exchange Companies based in Pasay Philippine brands Philippine companies established in 1916 Banks established in 1916