PNB readies Bahrain office shutdown, dissolves 2 units

MANILA, Philippines — Philippine National Bank plans to shut down its Bahrain Representative Office and dissolve two of its units. This, as PNB gears up to find new revenue streams for growth and focuses on its other markets.

In a regulatory filing on Monday, the banking arm of the Lucio Tan Group said its board of directors had approved the dissolution of its consumer finance and enterprise services sectors.

READ: Tech-savvy CEO seen to lead “strategic transformation” at PNB

The bank is also set to shutter its PNB Bahrain Representative Office, although this is still subject to regulatory approval.

PNB currently operates across 17 countries in North America, Europe, the Middle East and Asia. However, it recently noted that it was facing stiff competition among banks and nonbanks in these locations.

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To differentiate from competitors, PNB president and CEO Edwin Bautista earlier said they were looking to “unlock new revenue streams.” This is meant to boost the bank’s net income through exploring the use of technology, such as data science and artificial intelligence, in its businesses. /rwd