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The Philippine National Bank PNBFilipino: Bangko Nasyonal ng Pilipinas[2] Castilian Spanish: Banco Nacional de Agricola de Filipinas PSE: PNB is one of the largest banks in the Philippines. It was established by the Philippine government on July 22,during the American Occupation.

The bank was acquired by tycoon Lucio Tan after it was privatized by the government, and became the first universal bank in the Philippines in After its merger with the Tan-owned Allied Bank on February 9,PNB became fifth largest private domestic bank in the country.

PNB had branches in the Philippines and 13 branches overseas as of end The Philippine National Bank was established as a government-owned banking institution on July 22, Its primary mandate was to provide financial services to Philippine industry and agriculture and support the government's economic development effort.

World War Ithen raging in Europe, generated huge demand for the country's major exports namely: However, not much was being done to develop the industries that produced these sought-after crops since access to credit facilities was limited.

To solve this problem, Henderson MartinVice Governor of the Philippines, together with Miguel Cuaderno who later became Central Bank governor drafted a charter for a national bank. On February 4,Public Act was passed by the Philippine Legislature providing for the establishment of PNB to replace the small P1 million government-owned Agricultural Bank.

PNB's first head office was the Masonic Temple along Escolta, Manilathe then "Wall Street of the Philippines" in the bustling district of Sta. An American, Henry Parker Williswas its first president. With PNB's establishment, Filipinos had a bank of their own. PNB was authorized to grant short and long-term loans to agriculture and industry.

PNB was also authorized to receive deposits, open foreign credits and rediscount bills. On July 24,PNB established its first branch in Iloilo.

InPNB opened its first non-Philippine branch in New York. The following year, it established five more domestic branches and another outside the Philippines in ShanghaiChina. PNB has also functioned as the de facto Central Bank of the Philippines until It was given the special power to issue circulating notes.

PNB briefly ceased operations in January but reopened the next month under the supervision of Japanese authorities.

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After the Second World WarPNB reopened immediately and acquired the assets and assumed the liabilities of the banking division of the Bangko Sentral ng Pilipinas. With the establishment of the Central Bank inPNB's role as issuer of currency notes, custodianship of bank reserves, sole depository of government funds and clearing house of the banking system ceased. Init was authorized to operate as an investment bank with powers to own shares and to issue debentures. Init established the National Investment and Development Corporation to engage primarily in long-term and equity financing of business ventures.

PNB transferred to its new Head Office along Escolta in and launched the first on-line Electronic Data Processing System in the Far East.

Between andPNB opened offices in LondonSingaporeJakartaHonolulu and Amsterdamand 14 provincial branches. It also started the Dollar Remittance Program. InPNB became the first universal bank in the country.

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However, it encountered difficulties in the mids as a result of the economic downturn triggered by the assassination of Senator Benigno S. The privatization started in when 30 per cent of its shares were offered to the public and it was listed on the stock exchange. InPNB became the first Philippine bank to reach P billion in assets. Later that year, privatization continued with a second public offering of its shares. InPNB moved to its headquarters to the PNB Financial Center, Central Boulevard now Diosdado Macapagal BoulevardPasay.

Inthe Securities and Exchange Commission approved the Cbn forex restriction new Articles of Incorporation and by-laws and the change in the status of PNB from a government-based to a private corporation with the control of the government reduced to 46 per cent.

In earlythe Lucio Tan Group became the single biggest private stockholder. In less than one year, the group bdo philippine forex nearly P20 billion of fresh capital into the bank.

In late, when PNB suffered huge in make money quick runescape, mainly from the government accounts, the government provided P25 billion in financial aid. In Maythe Philippine government and Lucio Tan signed an agreement to swap the government's loans to shares.

The accord increased the government's stake to 45 percent from 16 percent and reduced Lucio Tan's holding to 45 percent from 67 percent. Also the same year, PNB hired year old Lorenzo V.

Tan as its youngest bank President. The bank was able to repeat this feat and reported an income of P million by end In AugustPNB became fully privatized.

The Lucio Tan Group exercised its right to match the P Despite being fully privatized, PNB continued to be a government depository bank until May 3, PNB maintains remittance centers in the United StatesCanadaEnglandSpainthe NetherlandsFranceGermanyAustriaItalyHong KongJapanSingaporeMalaysia and in countries in the Middle East. PNB has also stepped up its marketing efforts to overseas Filipino workers with its PNB Global Filipino Money Card.

Complementing PNB's banking activities are its subsidiaries like PNB General Insurers, a non-life insurance company; PNB Capital, an investment bank; PNB Forexhoster metatrader vps hosting, a stock brokerage outfit and PNB Forex, which engages in foreign exchange trading.

It also has a majority stake in PNB-Japan Leasing Corp.

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For life insurance requirements of PNB clients, it has a substantial equity stake in Beneficial PNB Life. On December 7,the Supreme Court of the Philippines affirmed a judgment dismissing the state's sequestration of Lucio Tan 's companies: On December 12,official statements from PNB and Allied Bank confirmed the impending merger of both banks by early On February 9,the PNB-Allied Bank merger was completed, with Philippine National Bank as the surviving brand.

The merged bank became the 4th largest private domestic bank. Tarriela will be the chairman and Mier will be the chief executive of the merged bank. In Japan, employees of the Tokyo branch of the PNB are represented by the union Tozen. From Wikipedia, the free encyclopedia.

For the central monetary authority of the Philippines, see Bangko Sentral ng Pilipinas.

For the India -based bank, see Punjab National Bank. Philippines portal Companies portal. Diyaryo Filipino in Filipino. Sinabi ni Estanislao na isasapribado ang PNOC nang katulad din sa Bangko Nasyonal ng Pilipinas Philippine National Bank, PNB Lucio Tan, First Division, Dec.

Banks in the Philippines. Bangko Sentral ng Pilipinas. Asia United Bank BDO BPI Chinabank EastWest Bank Metrobank PNB Philtrust PSBank RCBC Security Bank UnionBank UCPB.

Al-Amanah Islamic Investment Bank of the Philippines DBP Landbank PostalBank. Bank of Commerce Chinatrust Citibank HSBC Maybank PBCom Robinsons Bank Standard Chartered Bank Veterans Bank. BPI Direct Savings Bank China Bank Savings Citystate Equicom Philippine Business Bank Queenbank Security Bank Savings. Cooperative banks Rural banks. Allied Bank merged with PNB Banco Filipino Equitable PCI Bank merged with BDO Plantersbank merged with Chinabank. Philippine National Bank Security Bank Corporation China Banking Corporation Development Bank of the Philippines Unionbank RCBC.

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By using this site, you agree to the Terms of Use and Privacy Policy. Privacy policy About Wikipedia Disclaimers Contact Wikipedia Developers Cookie statement Mobile view. ManilaPhilippines Tarriela, Chairwoman Felix Enrico R. Alfiler, Vice Chairman Reynaldo A. In terms of assets as of December 30,