PNB merger with thrift unit gets BSP nod
Taipan Lucio Tan-led Philippine National Bank has obtained approval from the Bangko Sentral ng Pilipinas to absorb the operations of its thift bank subisidiary.
The integration of PNB Savings Bank into the universal bank’s operations was done through the acquisition of assets, and assumption of liabilities in exchange for cash.
The consolidation, once completed, will allow PNB to deliver a more efficient banking experience, and serve a wider customer base while the customers of PNB Savings Bank will have access to PNB’s diverse portfolio of financial solutions.
The consumer lending business, currently operated through PNB Savings, will also benefit from PNB’s ability to efficiently raise low cost of funds.