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Monday, July 10, 2006
PNB flexes for transfer of all gov’t depositors
PHILIPPINE National Bank (PNB) is now in the process of relocating some of its branches to strategic locations, in preparation for the exodus of government accounts from the bank.
PNB senior vice president Rafael Sison Jr., the bank has until May 7, 2007 to handle government accounts, as it is already 88-percent owned by Philippine Airlines magnate Lucio Tan.
“But we are working on an extension,” he said in an interview during the general membership meeting of the Cebu Bankers Club (CBC) at the City Sports Club-Cebu last Friday.
Some 18-percent of PNB’s P168 billion deposits are deposits of various government agencies.
Sison said these government accounts will soon be transferred and handled by other government banks, such as Land Bank of the Philippines and Development Bank of the Philippines.
PNB now has 324 branches, 106 are in Metro Manila while the rest are in provincial areas including Cebu.
Overseas branches
Aside from relocating branches, Sison said PNB’s other thrust is to regain its niche in the remittance service by beefing up its overseas branches and subsidiary groups.
The bank now has 102 overseas offices and subsidiary groups. It plans to increase its presence in Australia, Malaysia, Thailand and Northern America, among others.
Sison said competition among banks is “fantastic.” But this has benefited depositors as competition has made banks “perform with the best of their ability.”
Competition has also lessened, if not eliminated, bank fraud that results in bank runs.
PNB, a universal bank, used to be 50-percent owned by the government.
The government recently divested itself of 30 percent of its share, which Tan bought after Aboitiz-owned Union Bank of the Philippines expressed interest in buying the shareholding. (JBN)
For Bisaya stories from Cebu. Click here. (July 10, 2006 issue)
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