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BSP approves merger of PNB, thrift unit


THE Bangko Sentral ng Pilipinas (BSP) has approved the Philippine National Bank’s (PNB) absorption of its thrift bank arm PNB Savings Bank. In a disclosure on Thursday, the Lucio Tan-led lender said it had secured the central bank’s policy-making Monetary Board nod on August 29. The integration was announced in September last year. PNB has said that its consumer lending business, which is being operated through PNB Savings, will benefit from the parent bank’s ability to efficiently raise low cost funds. “Upon full integration, PNB will be able to serve a wider customer base, while the customers of PNB Savings Bank will have access to PNB’s diverse portfolio of financial solutions upon full integration,” it said. PNB shares fell by 50 centavos or 1.07 percent to close at P46 each on Thursday.

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Today’s Front Page January 18, 2020

Today’s Front Page January 18, 2020