Filtered By: Money
Money

PNB eyes acquiring another bank to compete with industry top players


Philippine National Bank (PNB) is eyeing to acquire another bank or financial institution to allow the lender to compete with the industry's top players.

"What we are putting attention to right now is to acquire a bank that will bring PNB to the next level," PNB president and CEO Wick Veloso said in a media briefing in Manila on Tuesday.

"Because if you take a look at our competitors, it is not just organic growth that will allow you to move and be able to compete in the top lead. So our objective right now is to find a financial institution that PNB will be able to acquire so that's actually what is our priority," he said.

The Lucio Tan-led bank will acquire a bank or financial institution that will complement with its strategy to develop its consumer finance business, according to Veloso.

"If you take a look at the bank's major customer base, our major customer base is commercial banking, also the large corporate space...  We are going to find a bank focus that will complement that business opportunity we want to develop," he said.

"We would like to be able to have a good consumer finance business, which currently is still lower than industry," Veloso added.

Formal discussion regarding a possible acquisition, however, has yet to start.

"There are prospects for us to be able to acquire banks, but we are not yet in the kind of discussion to allow us to be able to say we are in very serious talks," Veloso said. —KBK, GMA News

LOADING CONTENT