This study analyses one of the largest and controversial mergers from the Philippine Banking sector and links it to M&A theories: Firstly, this study survey prior M&A literature to identify merger motivations, synergies and factors affecting merger outcomes. Secondly, this study conducts a case study to link prior literature to a merger in an emerging economy. This merger provides an ideal setting for a case study, subsequent links to M&A theories and generalizable lessons for future bank

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... s in emerging markets. Furthermore, this study identifies key factors and steps taken by the acquiring bank management to obtain success such as doubling net income, assets and becoming the number one bank in Philippines post-merger.