PNB taps Robinsons stores for remittances

MANILA, Philippines — Philippine National Bank (PNB) continues to grow its list of remittance payout partners after entering into a tie up with Robinsons Department Store of the Gokongwei family.

Under the partnership, clients can conveniently send cash through PNB’s overseas branches and offices, as well as through accredited agents and tie-ups. Remittance is credited real-time.

On the other hand, beneficiaries could claim the money at Robinsons Business Center located in all Robinsons Department Store branches.

The country’s fourth largest lender in terms of assets said cash pick-ups could be done for free even on weekends, during mall hours.

Robinsons Department Stores also cater to the remittance needs of clients who do not have PNB accounts.

Owned by taipan John Gokongwei, Robinsons Department Store is one of the country’s leading retail establishments with 50 stores nationwide.

“By strengthening its partnerships with retail giants, PNB continues to reach out to more customers and deliver a more convenient banking experience,” the bank said.

Tobacco and airline magnate Lucio Tan is consolidating its banking units through the merger of PNB and PNB Savings Bank to further strengthen the group’s consumer lending business.

Under the planned consolidation, PNB will acquire the assets and assume the liabilities of PNB Savings Bank in exchange for cash.

The merged bank will have an asset base of P932.7 billion. PNB’s total resources stood at P876.2 billion in end-June while PNB Savings Bank’s assets stood at P56.5 billion in end June.

PNB is currently ranked fourth in terms of assets while PNB Savings Bank is the seventh largest thrift bank.

The integration will result in improved synergies among branch networks. The merged entity would have a domestic footprint of 707 branches including 644 PNB branches and 63 from PNB Savings Bank.