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.

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.

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