PNB targets 100 new branches in next 3 years

MANILA, Philippines - Philippine National Bank, the main banking unit of the Tan Group of Companies, plans to put up 100 new branches in the next three years, according to a bank official.

PNB executive vice president for retail banking group Joven Hernandez said they intend to put up new savings banks branches in Metro Manila and nearby provinces within the period 2014-2016.

“We are looking at initially putting up savings bank branches in Metro Manila, central and south Luzon areas within the next three years,” he said.

Hernandez said they are likely to set up new savings bank branches in areas where they have main PNB branches.

“We may put up complementary branches in areas to cater to those depositors that are not being served by our mother branches,” he said.

He said the bank’s board has already approved the use of 13 branch licenses granted to PNB by the Bangko Sentral ng Pilipinas (BSP).

According to Hernandez, the expansion plan would support the bank’s goal to remain at “strong No. 4 bank” in the country.

PNB and Allied Banking Corp., both banking units of the Tan group, merged to strengthen and consolidate their long-term strategies and plans. After the merger, PNB will be the surviving bank.

As a result of the merger, PNB will have a combined outstanding capital stock of 1.08 billion common shares, of which 423.9 million new common shares are issued to the Allied Bank stockholders with an issue value of P29.6 billion.

With the consolidation, PNB becomes the fourth largest private domestic bank in the Philippines with a combined distribution network of 654 branches and offices nationwide and combined total assets of P550.4 billion as of March 31, 2013.