PNB to redeem P3.5-B notes in May

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LISTED Philippine National Bank (PNB) of business tycoon Lucio Tan will redeem P3.5-billion Tier 2 unsecured subordinated debt ahead of its maturity period as part of the bank’s aim to reorganize obligations.

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In a disclosure to the Philippine Stock Exchange on Friday, PNB said the Bangko Sentral ng Pilipinas (BSP) has approved its request to exercise its call option on the 10-year debt notes issued on May 9, 2012.

The notes will be fully redeemed on May 10 at “an amount equal to the aggregate issue price plus accrued and unpaid interest thereon up to but excluding the Call Option Date,” PNB said.

PNB offered P3 billion worth of long-term negotiable certificates of deposits (LTNCD) in November last year, which is part of its three-year LTNCD issuance plan worth P20 billion as approved by the BSP in July.

PNB posted net income of P5.7 billion in the first nine months of 2016 from P4.7 billion in the same period last year driven by strong growth in both interest and non-interest income and trading gains.

Incorporated in 1916, PNB is engaged in commercial banking with a total network of 670 domestic branches, 75 overseas branches and 956 automated teller machines (ATM) as of end-September 2016. Among Philippine banks, it boasts of having the most extensive international footprint in different locations across Asia, Europe, the Middle East, and North America.

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