PNB to place PHP600m direct investment on PNB Gen

Subject to the approval of the central bank.

According to Maybank Kim Eng, Philippine National Bank intends to place a direct equity investment on non-life insurance firm PNB General Insurers Company Inc (PNB Gen) as PNB subscribes to the additional authorized capital stock of PNB Gen amounting to PHP600m, subject to the approval of the central bank.

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PNB currently owns 100% indirect stake in PNB Gen through wholly-owned subsidiary PNB Holdings Corp. PNB expects the purchase will improve synergies of the bank with its subsidiaries and boost PNB Gen’s profits.

As of end-2012, PNB Gen has assets of PHP4.9b, liabilities of PHP3.5b, and equity of PHP1.4b with PHP68m net earnings. It has 19 branches located nationwide.