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Philippine National Bank
The Philippine National Bank (PNB, Filipino: Bangko Nasyonal ng Pilipinas; Spanish: Banco Nacional Filipino; is a major Filipino bank based in Pasay in the Philippines. It was established by the Philippine government on July 22, 1916, during the American Era.
The bank became the first universal bank in the Philippines in 1980 and was acquired by tycoon Lucio Tan after it was privatized by the government in 1989. After its merger with the Tan-owned Allied Bank on February 9, 2013, PNB became the fifth largest private domestic bank in the country.
As of 2023[update], PNB is the seventh largest bank in the Philippines by assets. It has 713 domestic branches and more than 1,400 ATMs. PNB has more than 70 overseas branches, representative offices, remittance centers and subsidiaries across Asia, Europe, the Middle East, and North America. [citation needed]
The Philippine National Bank was established as a government-owned banking institution on July 22, 1916. Its primary mandate was to provide financial services to Philippine industry and agriculture and support the government's economic development effort. World War I, then raging in Europe, generated huge demand for the country's major exports, namely sugar, copra, coconut oil, Manila hemp and tobacco. However, not much was being done to develop the industries that produced these sought-after crops since access to credit facilities was limited. To solve this problem, Henderson Martin, vice governor of the Philippines, together with Miguel Cuaderno (who later became Central Bank governor) drafted a charter for a national bank.[citation needed]
On February 4, 1916, Public Act 2612 was passed by the Philippine Legislature providing for the establishment of PNB to replace the small ₱1,000,000 (equivalent to ₱494,826,983 in 2021) government-owned Agricultural Bank. PNB's first head office was the Masonic Temple along Escolta, Manila, the "Wall Street of the Philippines" then, in the bustling district of Santa Cruz in Manila. An American, Henry Parker Willis, was its first president.[citation needed]
With PNB's establishment, Filipinos had a bank of their own. PNB was authorized to grant short and long-term loans to agriculture and industry. Filipino farmers then could avail of loans with interest between 8% and 10% per annum. PNB was also authorized to receive deposits, open foreign credits and rediscount bills.[citation needed]
On July 24, 1916, PNB established its first branch outside Manila in Iloilo. In 1917, PNB opened its first non-Philippine branch in New York City, United States. The following year, it established five more domestic branches and another outside the Philippines in Shanghai, China.[citation needed]
In 1921, the national bank experienced near-bankruptcy due to mismanagement and weak American colonial structure. Due to the Wood-Forbes report, Venancio Concepcion, the bank's president, was indicted for corruption. The national bank's financial mess resulted to the 1921 financial crisis of the Philippines.
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Philippine National Bank
The Philippine National Bank (PNB, Filipino: Bangko Nasyonal ng Pilipinas; Spanish: Banco Nacional Filipino; is a major Filipino bank based in Pasay in the Philippines. It was established by the Philippine government on July 22, 1916, during the American Era.
The bank became the first universal bank in the Philippines in 1980 and was acquired by tycoon Lucio Tan after it was privatized by the government in 1989. After its merger with the Tan-owned Allied Bank on February 9, 2013, PNB became the fifth largest private domestic bank in the country.
As of 2023[update], PNB is the seventh largest bank in the Philippines by assets. It has 713 domestic branches and more than 1,400 ATMs. PNB has more than 70 overseas branches, representative offices, remittance centers and subsidiaries across Asia, Europe, the Middle East, and North America. [citation needed]
The Philippine National Bank was established as a government-owned banking institution on July 22, 1916. Its primary mandate was to provide financial services to Philippine industry and agriculture and support the government's economic development effort. World War I, then raging in Europe, generated huge demand for the country's major exports, namely sugar, copra, coconut oil, Manila hemp and tobacco. However, not much was being done to develop the industries that produced these sought-after crops since access to credit facilities was limited. To solve this problem, Henderson Martin, vice governor of the Philippines, together with Miguel Cuaderno (who later became Central Bank governor) drafted a charter for a national bank.[citation needed]
On February 4, 1916, Public Act 2612 was passed by the Philippine Legislature providing for the establishment of PNB to replace the small ₱1,000,000 (equivalent to ₱494,826,983 in 2021) government-owned Agricultural Bank. PNB's first head office was the Masonic Temple along Escolta, Manila, the "Wall Street of the Philippines" then, in the bustling district of Santa Cruz in Manila. An American, Henry Parker Willis, was its first president.[citation needed]
With PNB's establishment, Filipinos had a bank of their own. PNB was authorized to grant short and long-term loans to agriculture and industry. Filipino farmers then could avail of loans with interest between 8% and 10% per annum. PNB was also authorized to receive deposits, open foreign credits and rediscount bills.[citation needed]
On July 24, 1916, PNB established its first branch outside Manila in Iloilo. In 1917, PNB opened its first non-Philippine branch in New York City, United States. The following year, it established five more domestic branches and another outside the Philippines in Shanghai, China.[citation needed]
In 1921, the national bank experienced near-bankruptcy due to mismanagement and weak American colonial structure. Due to the Wood-Forbes report, Venancio Concepcion, the bank's president, was indicted for corruption. The national bank's financial mess resulted to the 1921 financial crisis of the Philippines.