PNB to raise P100B via bond market
Tycoon Lucio Tan-led Philippine National Bank (PNB) has set up a P100-billion bond program to boost its capability to lend to the productive sectors of the economy.
Under the leadership of new president Jose Arnulfo “Wick” Veloso, PNB has also beefed up its management team and created new strategic units to keep up with the fast-changing banking landscape.
PNB’s board approved the hiring of veteran banker Chester Luy as head of strategy and financial advisory sector and concurrent head of wealth management group, with the rank of executive vice president, effective Jan. 28.
On PNB’s P100-billion bond program, Veloso said in a text message that it was “in support of our safe aggressive growth plan to support our customers, an alternative funding facility like bonds should be readily accessible if cost is reasonable.”
“PNB is open for business to all those who are involved in the robust Philippine growth story. The bank’s growth strategy is aligned with the GDP (gross domestic product) drivers of the country from Batanes to Tawi-Tawi to support the Filipino people,” Veloso added.
More and more local banks are tapping the local bond market, mostly to diversify their funding source and reduce reliance on deposits.
Under a new leadership, the PNB board also approved the creation of the strategy and financial advisory sector, reclassification and renaming of the marketing and product development group to marketing and brand management sector and the creation of a “digital innovation group.”
The PNB board also confirmed Jovencio Hernandez, who has been with the bank since 2007, as head of marketing and brand management sector with the rank of executive vice president, effective Feb. 1.
The bank also brought onboard Noel Malabag as chief dealer and trading division head, with the rank of senior vice president. —DORIS DUMLAO-ABADILLA
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.