PNB seeks strategic alliance

The Lucio Tan group’s banking arm Philippine National Bank is keen on entering into a strategic alliance with a foreign banking partner to boost core businesses.

This year, PNB also sees net profit growing at the “mid-teen” levels compared to last year, top officials said in a press briefing Tuesday after the company’s annual stockholders’ meeting.

In 2015, PNB posted P6.11 billion in net profit attributable to equity holders of parent firm, up by 14 percent compared to the previous year.

Horacio E. Cebrero III, PNB executive vice president, said in a briefing that among the bank’s thrusts this year was to improve cost and financial service delivery by using the latest technology.

It could also explore partnerships.

“There’s no discussion yet, but we haven’t closed our doors on strategic partnerships,” Cebrero said.

It could be a strategic partner, an equity investment or any model that will be put on the table, Cebrero said.

Asked whether the strategic partner could also mean that previous merger talks with the Bank of the Philippine Islands would be revived, Cebrero said the partnership that PNB was looking into was with a foreign partner.

Overall, he said the bank was unfazed by stiff competition posed by the entry of more foreign banks.