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.