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FutureGizmo · 18 · 8508


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on: Jun 10, 2009, 09:24 AM
Discuss this stock here.


Philippine National Bank (PNB) was incorporated on July 22, 1916 to engage in the general commercial banking business. PNB also served as the Philippines' de facto central bank until 1949 when the Central Bank of the Philippines was created.

PNB provides a full range of banking and other financial services to corporate, middle-market, small-medium enterprises and retail customers, as well as the national government, local government units and government-owned and controlled corporations. PNB's principal commercial banking activities include deposit-taking, lending, trade financing, bills discounting, fund transfers/remittance servicing, treasury operations, and comprehensive trust and retail banking services.

PNB, through its subsidiaries and associates, also engages in a number of diversified financial and related businesses such as remittance servicing, non-life and life insurance, merchant banking, stock brokerage, foreign exchange trading, leasing, and other related services. The company's subsidiaries include PNB Capital and Investment Corporation, PNB Forex, Inc., PNB Holdings Corporation, PNB Securities, Inc., Omicron Asset Portfolio (SPV-AMC) Inc, PNB International Investment Corporation and PNB Global Filipino Remittance Spain among others.
« Last Edit: Jul 13, 2012, 02:31 PM by FutureGizmo »


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Reply #1 on: Jun 11, 2009, 03:09 PM
pnb ok yan nagmerge na sila ng allied bank... still growing... smoothly...


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Reply #2 on: Jun 16, 2009, 04:18 AM
huh? nagmerge na ba ang pnb sa allied? di ba napostpone yun?


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Reply #3 on: Aug 02, 2009, 05:24 PM
Why do I like PNB?  The best reason is its very low price to book ratio which I estimate to be below 0.5 which means the market price is less than half of what it is worth.  The merged PNB Allied combined will have around 600 branches. At an average of Php 25 million value per branch, PNB should have market cap of at least Php 15 Billion instead of the present Php 14 billion.  But there is more than that, earnings are starting to rise and NPLs have dropped significantly.  In my view, PNB should be merger target because it has such a large franchise and it is so cheap.  Someone who has the gall to talk to Lucio Tan and has the money should offer at least 30 pesos per share.
For more of my other thoughts, you can go to  


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Reply #4 on: Aug 03, 2009, 04:41 PM

huh? nagmerge na ba ang pnb sa allied? di ba napostpone yun?

i think your right hindi pa sila formally merge due to a problem sa isang US bank na kailangan muna ma dispose to comply with US regulator requirement


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Reply #5 on: Aug 03, 2009, 11:41 PM
nung bumaba ng under 10 petots gusto ko nang bumili kaso wala akong pera that time  :censored:


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Reply #6 on: Aug 12, 2009, 07:30 AM
Is PNB still a good buy?

How about BDO, compared to PNB?




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Reply #7 on: Aug 14, 2009, 09:11 AM

Is PNB still a good buy?

How about BDO, compared to PNB?


BDO is very expensive compared to PNB.  BDO is around 2X price to book.  Notice how it cannot track the price movement of its peers - MBT and BPI.  for more of ideas please see


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Reply #8 on: Aug 14, 2009, 09:35 AM

Is PNB still a good buy?

It depends on how the market will receive it's merger with Allied Bank.  Not all mergers result to uptick.  CHIB failed to excite investors when it merged with Manila Bank.


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Reply #9 on: Jan 08, 2010, 10:46 AM
for those who follow PNB, we broke out of the 24.50 resistance today.  there are indications of a fresh wave of buying.
Posted on: Aug 28, 2009, 02:27 PM
looks like poeple have lost intetrest in PNB. Too bad because with a little patience, good money could be made.


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Reply #10 on: Jul 02, 2011, 11:37 AM
Philippine National Bank (PNB) To Make Some Noise?

Rumors of a possible merger by Lucio Tan-led Philippine National Bank (PNB) and Allied Bank once created market interest in the stock, causing it to reach a high of PHP 68.60 from just around PHP 50.00...


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Reply #11 on: Dec 17, 2011, 10:23 AM
merger details at manila bulletin article today. Price at P70 pnb shares! Wow!


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Reply #12 on: Dec 17, 2011, 11:52 AM
^ does this meas a buy for PNB? closing price friday is at 52


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Reply #13 on: Mar 06, 2012, 12:52 PM
update on merger:


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Reply #14 on: Mar 13, 2012, 09:50 AM
PNB, Allied merger deemed ‘credit positive’

MERGER of both Lucio C. Tan-owned Allied Banking Corp. (Allied Bank) and Philippine National Bank (PNB) is deemed to be “credit positive” for the latter being the surviving entity, credit rater Moody’s Investors Service said.

The merger between the two banks that will be done through a share swap deal will be “credit positive for PNB” as the new shares to be issued under the recently amended share swap deal will “boost PNB’s capitalization and loss-absorption capacity,” Moody’s said in its Week Credit Outlook released yesterday.

“The addition of Allied Bank’s existing branch network and customer base will [likewise] strengthen PNB’s domestic and international franchise, funding mix and profitability,” the credit rating agency added.

On March 6, the respective shareholders of Allied Bank and PNB approved the amendments to the share swap terms of the planned merger.

Under the approved terms, PNB will exchange 130 PNB common shares for each issued Allied Bank common share and 22.763 PNB common shares for every Allied Bank preferred share.

The PNB shares will be issued at P70 apiece, higher than the P55 per share approved in 2008.

PNB will issue a total of 423.96 million common shares from its authorized, unissued capital stock at P70 apiece to stockholders of Allied Bank.

The changes in the merger plan are still subject to the approval of the Bangko Sentral ng Pilipinas (BSP), the Securities and Exchange Commission (SEC), the Philippine Stock Exchange (PSE), the Philippine Deposit Insurance Corp. (PDIC) and the Bureau of Internal Revenue.

Moody’s said that the newly issued PNB shares will improve PNB’s Tier 1 capital ratio to “14.8% after the merger from 13.1% as of end-September.”

“The additional capital buffer above the current Basel II and the soon-to-be-implemented Basel III minimum increases the bank’s ability to absorb further asset deterioration and associated write-offs,” Moody’s said.

Moreover, the customer loan-to-deposit ratio of PNB is seen to increase to 53% from 49%.

Moody’s also said that PNB will benefit from the “strong credit fundamentals” of Allied Bank and its Filipino-Chinese customer base that would complement PNB’s existing client base composed of large corporations and government-related entities.

“We expect the combining of the banks’ loan portfolio to diversify the surviving bank’s credit exposures,” Moody’s said.

The merger will likewise expand PNB’s distribution network as it increases to more than 750 branches and offices nationwide and overseas.

PNB will also enjoy Allied Bank’s overseas presence, that may help in boosting the former’s remittance business that could be another source of income.

“We also expect substantial scope for the surviving entity to tighten costs and improve efficiency as it works through the integration process over the next 12-18 months following regulatory approvals for the merger,” Moody’s said.

At the press conference after PNB’s special stockholders’ meeting on Tuesday last week, Allied Bank President Anthony Q. Chua said, the full integration of the two banks’ operations will take place “18 months” after SEC’s approval.

Meanwhile, PNB Executive Vice-President and Chief Financial Officer Carmen G. Huang, in the same briefing, said the merger will generate at least P1 billion of cost savings per year for PNB, once the integration is completed.

The P1 billion cost savings, Moody’s said, is equivalent to almost 6% of the two banks’ combined annual operating expenses, based on their September 2011 financial reports.

“We expect cost savings to result from the realignment of operating systems and processes and the rationalization of its distribution network and human resource,” Moody’s said.

The merger of PNB and Allied Bank is expected to be completed within the first semester.

It still requires the approval of the BSP, the SEC, the PDIC and the PSE.

PNB shares closed at P67.50 apiece yesterday, up by 0.60% or 40 centavos from their P67.10 close last Friday. -- Ann Rozainne R. Gregorio


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