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Tuesday, June 25, 2024

Lucio Tan’s PNB to Raise $300 Million to Fuel Growth

Billionaire Lucio Tan’s Philippine National Bank (PNB) is set to raise fresh capital to support its growth initiatives. According to a regulatory filing, PNB’s board has approved the issuance of $300 million from its $2 billion Euro Medium Term Note Program. The bank indicated that it might increase the offering if there is strong demand.

This year, PNB plans to expand its services to small and medium enterprises (SMEs) and enhance its consumer lending portfolio.

PNB’s financial performance has been robust, with net income surging 10 percent to P5.3 billion in the first quarter, driven by a strong loan portfolio. Core earnings also increased by seven percent to P12.9 billion. This positive outcome is largely attributed to the bank’s recovery from pandemic-related loan impairment losses, which have decreased by 62 percent.

The new funds will bolster PNB’s ability to capitalize on growth opportunities and further strengthen its market position. (bilyonaryo.com)

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