PNB sells stake in life insurance firm

MANILA, Philippines - The Philippine National Bank (PNB) has completed the sale of its stake in a life insurance company. In a disclosure to the Philippine Stock Exchange (PSE), the Lucio Tan-led bank said it sold its 40% stake in Beneficial-PNB Life Insurance Co., Inc. for P700 million. Buyers FMF Development Corp. and Merje Trading, Inc., majority owners of the insurance firm, paid the last tranche of P350 million to complete the transaction last month. "PNB's divestment in BenLife is in line with its thrust to consolidate its bancassurance business with PNB Life Insurance, Inc. (formerly New York Life Insurance, Inc.)," PNB said. Aside from insurance and universal banking, PNB also offers services like investment banking, leasing and financing, stock brokerage. - GMANews.TV