Philippine National Bank fully acquires thrift bank subsidiary

The move adds 63 branches to its domestic retail network.

Philippine National Bank (PNB) has fully acquired the assets of its thrift bank subsidiary, PNB Savings Bank (PNBSB) in a move that fully integrates the unit into the parent company.

"Our bank’s consumer lending business, which is being operated through PNB Savings, will benefit from the Parent Bank’s ability to efficiently raise low-cost funds," PNB president Reynaldo Maclang said in a statement.

The move will boost the domestic branch network of PNB from 644 to 707. "The integration effectively enhances our competitive stance in the consumer and SME business segments," Maclang added.

PNB will also be assuming the liabilities of PNBSB in exchange for cash, pending regulatory approval.