The Philippine National Bank, or Bangko Nasyonal ng Pilipinas, was established in 1916 during the American Occupation of the Philippines. Based in Pasay City, it is one of the largest banks in the Philippines and became its first ‘universal bank’ in 1980 It is the fifth-largest domestic bank in the country and has 331 domestic branches and 13 international branches.
From its founding until 1949, Philippine National Bank functioned as the country’s central bank and was allowed to issue banknotes. Other than a brief shutdown in 1942, the bank survived the war intact. It was replaced as the Philippines’ issuer of banknotes, and in its role as the central bank, when the Central Bank was established in 1949. It received authorisation as an investment bank in 1955.
Philippine National Bank has several subsidiaries:
A stock brokerage
The bank also has a large stake in Beneficial PNB Life and a majority stake in PNB Japan Leasing.
Philippine National Bank started the process of privatisation in 1989, and the government’s share was reduced to 46% by 1996. At this stage, the bank officially became a private company. It was fully privatised in 2005.
Philippine National Bank Products and Services
Commercial banking services offered by Philippine National Bank include:
Letters of credit
In addition, the bank provides loans for start-up, relocation and expansion projects, and loans to local government agencies.
To individual customers, Philippine National Bank provides current and savings accounts, home and car loans, wealth management services, credit cards, estate planning and personal trust fund planning.