After RCBC, PNB also announces merger of thrift unit
It’s the second major merger in a week.
Bilyonaryo Lucio Tan is rationalizing the operations of his banking business.
The Philippine National Bank (PNB) announced on Friday, Sept. 28 that it will absorbb its wholly-owned subsidiary PNB Savings Bank by acquiring assets and assuming liabilities for cash.
“Notwithstanding PNB Savings’ double-digit growth in assets over the years and its significant contribution to the Parent’ Bank’s profitability, its business can still reach greater heights through the planned integration,” PNB said via a disclosure.
PNB will absorb 63 branches of the thrift bank, adding to the 644 domestic branches of the big bank.
This comes just days after the Yuchengcos also bared consolidation plans for the Rizal Commercial Banking Corp. (RCBC) and RCBC Savings Bank.
Are margins shrinking and expenses bloating?