PNB Capital gets additional P500 M

MANILA, Philippines - Lucio Tan-led Philippine National Bank (PNB) is pumping in P500 million in fresh equity to its investment banking and financial advisory arm.

PNB corporate secretary Maila Katrina Ilarde informed the Philippine Stock Exchange (PSE) the Board of Directors of the listed bank owned by the tobacco and airline magnate has approved the additional capital infusion in PNB Capital and Investment Corp.

Ilarde said the additional equity infusion to PNB Capital would be subject to regulatory approvals as may be necessary.

PNB Capital is a wholly-owned subsidiary with an investment house and non-quasi-banking license incorporated in 1997. It has an authorized and paid-up capital of P350 million or 3.5 million shares at P100 par value.

Its principal business is to provide investment banking services which include debt and equity underwriting, private placement, loan arrangement, loan syndication, project financing and general financial advisory services, among others.

PNB remained at the forefront of the debt capital market as the bank led 19 corporate finance deals worth more than P108 billion in the power, infrastructure, telecommunications and real estate industries last year.

PNB and PNB Capital achieved international recognition in lending and loan arrangement when the institution won four awards from the The Asset Triple A Asia Infrastructure Awards 2015.

The PNB Group was recognized by The Asset for the following deals: Best Project Finance Deal of the Year for the Metro Manila Skyway Stage 3 P31 billion project finance syndicated term loan facility; Best Transport Deal, Philippines for the same Metro Manila Skyway Stage 3 project; Best Transport Deal – Highly Commended, Philippines for the GMR Megawide Cebu Airport Corp. P23.3 billion financing facility; and Best Power Deal, Philippines, for the Pagbilao Energy Corp. P33.3-billion project financing facility.

The awards obtained by the PNB Group is a testament to the bank’s commitment and dedication in offering competitive financing structures to clients while contributing to the development of the country.

The bank sustained its strong growth in profitability after its first quarter net income more than doubled to P2.6 billion due to substantial improvements in both core and non-recurring revenues.

PNB had a total of 669 branches and 954 ATMs strategically located nationwide. In addition, PNB boasts of having the most extensive international footprint among Philippine banks across Asia, Europe, Middle East and North America with 70 overseas branches and offices.