PNB ups holdings in leasing firm

MANILA, Philippines - The Philippine National Bank (PNB) has increased its equity interest in Japan-PNB Leasing & Finance Corp. from 60 to 90 percent. PNB’s additional holdings were acquired from minority partners, IBJ Leasing Co. Ltd. and Mizuho Corporate Bank, which divested their 25 percent and five percent stake, respectively, in the leasing company. IBJ Leasing Co. Ltd. (IBJL) remains as an active joint venture partner with a 10-percent equity interest and one seat in the Board. Established in 1998, Japan-PNB Leasing offers financial leasing, sale-leaseback, installment notes financing, and business loans. It also undertakes operating leases through a wholly-owned subsidiary, JPNB RentAll. Japan-PNB Leasing holds the distinction of having the biggest portfolio of Japanese accounts in the industry today.