BSP okays PNB’s acquisition of thrift bank unit PNB Savings
MANILA, Philippines — Tan-led Philippine National Bank announced Friday it secured the approval of the Bangko Sentral ng Pilipinas for the consolidation of its thrift unit within its commercial bank operation in a bid to strengthen the group’s consumer lending business.
In a disclosure to the stock exchange, PNB said its move to acquire the assets and assume the liabilities of PNB Savings Bank in exchange for cash was greenlighted by the central bank’s Monetary Board in its Resolution 1310 dated Aug. 29, 2019.
“Once integration is rolled out, PNB would be able to deliver a more efficient banking experience, and will be able to serve a wider customer base while the customers of PNB Savings Bank will have access to PNB's diverse portfolio of financial solutions upon full integration,” the lender said.
“The consumer lending business, currently operated through PNB Savings, will also benefit from PNB's ability to efficiently raise low cost of funds,” it added.
The transaction does not require the approval of the stockholders of the PNB.
As of end-March this year, PNB is the fifth largest bank in the country in terms of assets while PNB Savings Bank ranked seventh among thrift banks.
PNB’s net income fell by 27.7% to P3.9 billion in the first half from P5.4 billion in the same period last year primarily due to the absence of non-recurring income. — Ian Nicolas Cigaral
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