Manila, Philippines - The Philippine National Bank (PNB) has entered into a partnership with Knutsen Philippines Inc. (formerly Northern Confluence Ship Management Inc.) for the establishment of a retirement trust fund.
The fund will specifically provide retirement, resignation, death, disability and severance benefits for all eligible employees of Knutsen.
Knutsen and PNB Trust Banking Group headed by Rafael Ayuste Jr. and Business Development head Joy Jasmin Santos entered into an agreement for the trusteeship of the Knutsen Retirement Fund.
PNB said its trust banking group’s branded Employee Enrichment Solution is a unique program that encourages a comprehensive employee benefit plan to achieve short and long term talent management goals through meaningful rewards.
PNB Trust Banking, one of the top trust entities in the industry, offers some of the best performing unit investment trust funds (UITF) in the market. Its recently launched PNB High Dividend Fund, PNB Mabuhay Prestige, a balanced fund, and PNB Enhanced Philippine Index Reference Fund (EPRF) an equity index tracker fund.
Aside from UITF products, PNB also provides a full range of trust banking services to corporate, retail, small and medium enterprises (SMEs) and high net worth individuals.
PNB continued to strengthen its core business. For the first quarter of 2012, it registered net profits of P1.2 billion, up 11 times over the same period last year.
The volatility of the market enabled the bank to cash-in on opportunities from trading and investment securities, and foreign exchange.
Aggregate gains from these accounted for 45 percent of total operating income. Alongside this, given its outlook of the market, it beefed up its inventory of available-for-sale investments by 32 percent.
PNB’s asset quality was better with non-performing loans ratio dropping to 3.2 percent from 4.2 percent a year ago.
With the forthcoming merger with Allied Banking Corp., PNB engaged the services of Ernst & Young as advisor to the integration process.
PNB and ABC have stepped up all merger-related activities to ensure a smooth transition with the least effect on the customers and various products.