PNB eyes at least P3 billion from local bond offer

CEBU, Philippines — Lucio Tan-led Philippine National Bank (PNB) is looking to raise P3 billion from the domestic debt market, with an option to increase the offer size to as much as P20 billion, under its P50-billion bond and commercial paper program.

In a regulatory filing, the listed bank said its board of directors approved the fundraising plan during its meeting on July 25. The bonds may be issued in single or dual tranches depending on market conditions.

The board also confirmed several key leadership changes across business units as the bank continues to strengthen its management team.

Roberto Abastillas was appointed as head of the Institutional Banking Sector with the rank of executive vice president for a two-year term beginning Aug. 18. Dave Morales, meanwhile, will take over as head of Mortgage and Auto, with the rank of first senior vice president, effective Sept. 1.

Jenilyn Valdez was also named head of Corporate Planning and Analysis Division and will concurrently serve as investor relations officer under the bank’s Financial Management, Strategy and Sustainability Sector. Valdez will assume the role as senior vice president on Sept. 1.

PNB also announced the mandatory retirement of Manuel Bahena Jr., chief legal counsel and head of the Legal Group under the Enterprise Services Sector, effective Aug. 22.

The bank’s board of directors likewise confirmed the appointment of Constantino Yap as officer-in-charge of the Digital Channel Management and Innovation Group. Yap, who currently holds the rank of senior vice president, assumed the role on July 18.

PNB is the banking arm of tycoon Lucio Tan’s group of companies and remains one of the country’s largest private universal banks.

The bank’s net income grew by 15 percent to P6.1 billion in the first quarter, bolstered by higher margins from loans and treasury assets as well as stronger trading gains.