Professional Documents
Culture Documents
In 1917, PNB marked its entry in the field of international banking when it opened its New York
Branch. The following year, it established five more domestic branches and another overseas
branch in Shanghai, China.
PNB briefly ceased operations in January 1942 but reopened the next month under the
supervision of Japanese authorities. After the Second World War, PNB reopened immediately
and acquired the assets and assumed the liabilities of the banking division of the National
Treasury.
With the establishment of the Central Bank in 1949, PNB’s role as issuer of currency notes,
custodianship of bank reserves, sole depository of government funds and clearing house of the
banking system ceased.
“PNB launched the first on-line Electronic
Data Processing System in the entire Far East”
In 1955, it was authorized to operate as an investment bank with powers to own shares and to
issue debentures.
In 1963, it 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 1966 and launched the first on-line
Electronic Data Processing System in the entire Far East.
Between 1967 and 1979, PNB continued to expand its operations by opening offices in London,
Singapore, Djakarta, Honolulu and Amsterdam. In the domestic field, it opened 14 provincial
branches. It was also during this period that the Bank started the Dollar Remittance Program.
In 1980, PNB became the first universal bank in the country. However, it encountered
operational difficulties in the mid-80s as a result of the economic downturn triggered by the
assassination of Senator Benigno S. Aquino, Jr and had to be assisted by the government in
1986.
Privatization of PNB
The privatization of the Bank started when 30 per cent of its outstanding stocks was offered to
the public and its stocks were listed in the stock exchange in 1989.
In 1992, PNB became the first Philippine bank to reach the P100 billion mark in assets.
Also in 1992, a second public offering of its shares was issued to continue its privatization
In 1995, the Bank moved to its new headquarters at the PNB Financial Center in Roxas
Boulevard, Pasay City.
In 1996, the Securities and Exchange Commission approved the Bank’s 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. At the turnover
rites on July 23, 1996, President Fidel V. Ramos declared:
PNB is the bank for the Filipino wherever he or she may be– in the country’s centers of
commerce and industry, in the far reaches of the countryside, and even in
many places across the globe.”
A New Beginning
In 1999, a group of new private stockholders led by Dr. Lucio C. Tan acquired approximately
35% of the total outstanding capital stock of PNB. In early 2000, the group increased its share in
the Bank to 69.32% and pumped in nearly P20 billion fresh capital in less than one year. This
was done to emphasize the commitment of the new stockholders to the improvement of the
Bank’s financial condition, which had been incurring losses in operations due to poor asset
quality.
In late 2000, the Bank suffered a liquidity crisis and the National Government stepped in to
support the Bank by implementing a capital restructuring and injecting P25 billion in liquidity
assistance.
In May 2002, the Government and the Lucio Tan Group, representing the group of private
stockholders, sealed the Memorandum of Agreement (MOA) that embodied the provisions that
would help turn the Bank around. It included, among others, the settlement of Government’s
liquidity assistance by way of increasing the Government’s stake in the Bank from 16.58% to
44.98%, in effect reducing the group’s share from 68% to 44.98%. At the same time, the Bank
started operating under a 5-year rehabilitation program.
In August 2005, the Government, as part of its privatization program, sold down its 32.45%
stake in the Bank via an auction. The private stockholders represented by the Lucio Tan Group
exercised their right of first refusal, reducing the Government’s share to 12.5% and raising the
group’s to a total of 77.43%.
In June 2007, PNB settled its P6.1 billion loan to Philippine Deposit Insurance Corporation
(PDIC), more than four years ahead of the loan’s due date. The loan repayment was a clear
indication of the Bank’s renewed financial health.
In August 2007, the Bank completed its Tier 1 follow-on equity offering where it raised about
P5.0 billion in Tier 1 capital. Together with the sale of 89 million primary shares, 71.8 million
secondary shares owned by the National Government through PDIC and DOF were sold to the
public, thus bringing about a complete exit of the Government from PNB.
Since the inception of the rehabilitation program, PNB exceeded the targets of the
program. While the program called for profits starting 2005, the Bank became profitable as early
as 2003. Within four years, PNB increased its net income sixteen times from P52 million in
2003 to P820 million in 2006.
With its successful exit from the Government’s Rehab program and the strong income
performance, PNB has demonstrated its ability to sustain its heightened competitiveness based
on the three tenets of reducing non-performing assets, strengthening core businesses and
increasing profitability.
The Bank remains as one of the largest banks in the country with a wide array of competitive
banking products to answer for the diverse needs of its huge clientele including more than 2
million depositors.
PNB maintains its leadership in the overseas remittance business with remittance centers in the
United States, Canada, London, France, Italy, Hong Kong, Japan, Singapore and the Middle East
countries.
Through its subsidiaries, the Bank also engages in a number of diversified financial and related
businesses such as remittance servicing, investment banking, non-life insurance, stock brokerage,
leasing and financing and foreign exchange trading. The Bank, through its affiliate, is also
engaged in other services such as life insurance.
Mission Statement: We are a leading, dynamic Filipino financial services group with a global
presence committed to delivering a whole range of quality products and services that will create
value and enrich the lives of our customers, employees, shareholders and the communities we
serve.
nation-building
Long-term vision – developing competitive advantage on a sustained basis by anticipating
changes in customer’s preferences and in the manner of doing business
CORPORATE VALUES:
PNB aims to continually provide the best customer experience to generations of Filipinos here
and abroad.
Our Shared Values bind everyone in PNB together, providing the basis for trusting one another
and helping enable the Bank to achieve its mission and vision.
Mapaglingkod 服務態度
(Service Orientation)
We are committed to deliver the best possible service to our customers, proactively responding
to their needs and exceeding expectations as manifestation of the value and respect that the Bank
holds for every single one of them.
Mapagkatiwalaan 誠信度
(Trustworthiness)
We hold sacred the consistent adherence to a strict moral and ethical code manifested through
honesty, professionalism, fairness, prudence and respect for the law.
Mapang-akma 應變能力
(Adaptive to Change)
We nurture within each one of us a positive attitude towards change and innovation, promoting
flexibility and celebrating creativity as drivers of our quest for continuous improvement and
operational excellence.
Mapagkapwa 团队合作
(Team Orientation)
We are committed to work together as a family united in pursuit of common goals and
aspirations, valuing meritocracy in promoting the common good.
Mapagmalasakit 委託事項
(Commitment)
As stewards not only of the Bank’s business, but of its proud name and enduring heritage, we
manifest genuine concern and affection for the Bank, it’s business, and its core constituents.
Mapagmalaki 驕傲
(Pride)
We take pride in working with the Bank, of being a Philnabanker, in whatever tasks we
undertake. This will be reflected in all our actions, in the passion of how we get things done.
BOARD OF DIRECTORS:
Updated as of September 4, 2019