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PNB fully acquires thrift bank unit

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PHILIPPINE National Bank (PNB) has fully acquired its thrift bank unit to integrate it with its operations, according to a stock exchange filing.

“Once integration is rolled out, PNB would be able to deliver a more efficient banking experience, and will be able to serve a wider customer base,” the lender said in a statement to the Philippine Stock Exchange.

The deal still needs regulatory approval.

Customers of PNB Savings Bank — the sixth biggest local thrift bank in terms of assets — can access PNB’s portfolio of financial solutions upon full integration, it added.

“They will have access to more than 600 branches all over the Philippines unlike today, they only have access to 67 branches,” PNB Savings Bank Acting President Mary Ann A. Santos said of their clients. — Luz Wendy T. Noble

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