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PNB Bank Now And Then

PNB Bank or the Philippine National Bank is one of the largest banks found in the Philippines and rank fourth in terms of assets.

This banking institution was established on July 22, 1916 by the government of the Philippines during American colonization. In 1980, it has become the country's first universal bank.

The bank's objective then was to render financial assistance to the Philippine commercial enterprise and agribusiness and to assist the economic development endeavor of the government. With the establishment of this banking institution, Filipinos had a bank by which they can call their own. The banking institution was allowed to concede short and long-term loans to agribusiness and industry. Through these loans, farmers can avail a loan with interest of 8 to 10 percent per year. This banking institution is also allowed to accept deposits, open international credits and refund bills.

The Philippine National Bank Before

Few days following its foundation, its first branch was established in Iloilo City on July 24, 1916. The following year, a first non-Philippine branch was opened in New York by PNB. Five more national branches were established and another branch was established in Shanghai, China.

In January 1942, PNB Bank stopped its activity and resumed its operations the following month under the Japanese authority's supervision. Following World War II, the banking institution reopened at once and assumed the assets and liabilities of the National Treasury banking division.

The PNB Bank role as an institution issuing currency notes, stewardship of bank reserves and exclusive depository of government funds and tract house of the banking system stopped in 1949 when the Central Bank was established. PNB established its operation as a finance bank with the ability to own shares and issue unsecured bonds in 1955. National Investment and Development Corporation was established in 1963 to pursue in long-term assets financing of business projects in 1963.

In 1966, it has moved to its new head office along Escolta and opened the first online Electronic Data Processing System in the Far East. Offices in London, Singapore, Jakarta, Honolulu and Amsterdam were opened between 1967 and 1979.

The following year, this banking institution became the first universal bank in the Philippines. It experienced several adversities in the mid-80s as an outcome of the economic worsening brought about by the assassination of Senator Benigno "Ninoy" S. Aquino, Jr. and needed government aid.

A New Kickoff for PNB

After several steps on privatization of the said banking institution, it was in 1996 that the Securities and Exchange Commission passed and approved the Bank's new Articles of Incorporation and by-laws and modify the state of PNB from a government-based to a private firm with the dominance of the government cut down to forty six percent only.

During the early part of 2000, the sole biggest private stockholder is the Lucio Tan Group, which wielded about P20 billion as fresh capital to the bank. On later part of 2000, the banking institution experienced a vast withdrawals, mostly that of the government accounts and so the government rendered P25 billion financial assistance. It was in August 2005 when this banking institution became fully privatized but despite of this, the bank remains as a government depository bank that last until May 3, 2007.

PNB Bank has won and received a lot of awards and recognitions. It received the 2007 SSS Balikat ng Bayan Award Hall of Fame as the Best Paying Bank. It also vied the 2007 SSS Balikat ng Bayan Award for Best Collecting Bank for OFW Remittances and the 2007 SSS Balikat ng Bayan Award for Best Paying Commercial Bank.

The Philippine National Bank holds remittance centers in the United States, Canada, England, Spain, the Netherlands, France, Germany, Austria, Italy, Hong Kong, Japan, Singapore, Malaysia and Middle East. It has moved up its efforts in commercialism to millions of overseas Filipino workers or OFW with its PNB Global Filipino Money Card.

This banking institution has gone through a lot. But a clear description of what it has been through and how it emerged simply describes PNB Bank as one of the toughest Philippine banks now and then.

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