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Bangko Sentral approves PNB, PNB Savings Bank merger


The planned integration of Philippine National Bank’s (PNB) thrift bank unit PNB Savings Bank into the commercial bank has been given the green light by the Bangko Sentral ng Pilipinas’ Monetary Board.

In a regulatory filing submitted by PNB corporate secretary Maila Katrina Ilarde on Friday, the Lucio Tan-led lender said it received on Sept. 5 a letter from the Monetary Board approving the merger.

“The Monetary Board, in its Resolution No. 1310 dated August 29, 2019, approved the integration of PNB Savings Bank with Philippine National Bank, as stated in their letter dated September 3, 2019 which the bank received today, September 5, 2019,” the bank said.

The integration does not require the approval of PNB stockholders.

PNB Savings Bank is a wholly-owned subsidiary of PNB.

The number of PNB Savings Bank shares that will form part of the merger include 25,000 preferred shares and 104,975,000 common shares.

“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,” PNB said.

“The consumer lending business, currently operated through PNB Savings, will also benefit from PNB’s ability to efficiently raise low cost funds,” it said.

The transaction is subject to regulatory approvals. —Ted Cordero/VDS, GMA News

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