This question kept playing on my mind as I read the simple but elegantly composed invite of Arvin “Binoy” Panes, a former colleague who turned his back covering the banking and finance beat way back in the ‘90s to pick up the pieces of his medical profession and ventured as a registered nurse in United Kingdom, and his union with Cecile Martil.

It, too, brings to mind one of the quotes in E.C. McKenzie's book 14,000 quips and quotes for writers and speakers, wry witticisms and quick comebacks: “The thought of marriage frightens a lot of bachelors – and a few husbands too!”
 

Yes, the thought of marriage gives us mixed emotions – it’s a joyful occasion though at the same time, frightening. The love story of Binoy and Cecile was a bit winding because they met in ultra trail running races, not to mention a continuing spin between Turin, Italy and London. But, it’s nowhere in the category as long as the proposal popped-out last year.

Another marriage I am hoping to take the same path is in the banking industry - the union of Philippine Clearing House Corp. (PCHC) and electronic payment network BancNet.

“That will proceed,” in no uncertain terms was the quick response of Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona to my query regarding his view of the impending union. If one is to liken the PCHC-BancNet marriage, BSP is the ultimate Godparent here sharing the limelight with the Philippine Competition Commission (PCC).
 

Unlike in regular marriage when the lady assumes the surname of her partner, BancNet will be the surviving entity from the PCHC-BancNet union. There's a twist. The latest I've gathered from the market players is that a new entity will be born. BancNet will be renamed Philippine National Payments, Inc.  

As an eager market observer, I’ve been closely following developments of the merger. My recollection tells me it’s already been two years since the merger proposal was made and the last hurdle now hangs in the hands of PCC, which is mandated to promote economic development and enhance public welfare through free and fair market competition by prohibiting anti-competitive agreements, abuses of dominant position, and anti-competitive mergers and acquisitions, and advocating for pro-competition policies.

My latest snooping along the banking community corridors led me to a dark, silent alley. Mum has remained to be the stance of PCC on the union. Heard, though, from the walls at Vertis North Corporate Center that PCC is concerned about the monopoly the merger would create.

Such is an unfounded fear considering that PCHC and BancNet in their own right are monopolies. PCHC is the industry’s lone check clearing house while BancNet is the surviving entity with the union of Megalink-BancNet-and-ExpressNet, the online banking facility that allows ATM cardholders to enjoy the convenience and ease of doing a transaction without physically going to brick and mortar branches or payment centers.

“We’ve been waiting for two years,” a muted source tells me, apparently exasperated of the waiting game.

Piercing through their corporate ownership, both PCHC and BancNet have the same shareholders – the 44 member banks of the Bankers Association of the Philippines (BAP).

The existing set-up of doing its business operations separately is not cost-effective. PCHC and BancNet, each has its own office to maintain. And, both meet with their shareholders separately with the same bank officers attending.

From a business rationale perspective, the union is designed to attune the operations of the two to the ever changing dynamic banking environment, make it more productive and efficient for the banking public.

Now, is this something to be afraid of? Well, as they say: your guess is as good as mine.

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