KL bank takes over PNB

KL bank takes over PNB

MANILA (AFP): Malayan Banking Bhd. of Malaysia announced
yesterday it was taking over management of a subsidiary of
Philippine National Bank (PNB) after acquiring a 60-percent
stake, officials said.

Amirsham Aziz, Malayan Banking managing director, said the
Malaysian bank paid 880 million pesos (US$25.5 million) for 60
percent of PNB-Republic Bank and infused 870 million pesos more
to boost its capital to 1.625 billion pesos.

PNB still owns 40 percent of the bank, now known as Maybank
Philippines, Inc.

Aziz said the new commercial bank intended to focus on the
consumer market, corporate clients and small and medium-sized
enterprises.

PNB president Peter Favila described the Malaysian bank's
entry as an "indication of confidence" on the Philippine economy
amid the Southeast Asian currency crisis.