Philippine National Bank

The Philippine National Bank (PNB, Filipino: Bangko Nasyonal ng Pilipinas or Pambansang Bangko ng Pilipinas) is one of the largest banks in the Philippines. The bank was acquired by tycoon Lucion Tan after it was privatized by the government. It rose to become the fifth largest bank in the Philippines after its merger with the Tan-owned Allied Bank. It was established by the Philippine government on July 22, 1916, during the American colonial period, and became the first universal bank in the Philippines in 1980. PNB currently has over 100 branches throughout Asia, Europe, the Middle East and North America.

History
The Philippine National Bank was established as a government-owned banking institution on July 22, 1916. Its primary mandate was to provide financial services to

PNB established its first branch in Iloilo. On July 24. open foreign credits and rediscount bills. coconut oil. PNB was authorized to grant short and long-term loans to agriculture and industry.Philippine industry and agriculture and support the government's economic development effort. 1916. Manila. Henry Parker Willis. it established five more domestic branches and another outside the Philippines in Shanghai. then raging in Europe. However. together with Miguel Cuaderno (who later became Central Bank governor) drafted a charter for a national bank. Manila hemp and tobacco. copra. An American. was its first president. Public Act 2612 was passed by the Philippine Legislature providing for the establishment of PNB to replace the small P1 million government-owned Agricultural Bank. To solve this problem. Filipinos had a bank of their own. The following year. On February 4.Henderson Martin. Filipino farmers then could avail of loans with interest between 8% to 10% per annum. generated huge demand for the country's major exports namely: sugar. Vice Governor of the Philippines. 1916. PNB was also authorized to receive deposits. World War I. PNB's first head office was the Masonic Temple along Escolta. China. PNB opened its first non-Philippine branch in New York. In 1917. the then "Wall Street of the Philippines" in the bustling district of Sta. With PNB's establishment. Cruz in Manila. . not much was being done to develop the industries that produced these sought-after crops since access to credit facilities was limited.