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    History of PNB

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    Alliah Somido
    The Philippine National Bank (PNB) was established in 1916 by the Philippine legislature to provide financial services and support economic development, replacing the smaller Agricultural Bank. It functioned as the country's de facto central bank until 1949. PNB has since grown to become one of the largest banks in the Philippines, offering banking products and diversified financial services. Its mission is to deliver quality products and services to create value for customers, employees, shareholders, and communities.

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    History of PNB

    Uploaded by

    Alliah Somido
    188 views2 pages
    The Philippine National Bank (PNB) was established in 1916 by the Philippine legislature to provide financial services and support economic development, replacing the smaller Agricultural Bank. It functioned as the country's de facto central bank until 1949. PNB has since grown to become one of the largest banks in the Philippines, offering banking products and diversified financial services. Its mission is to deliver quality products and services to create value for customers, employees, shareholders, and communities.

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    The Philippine National Bank (PNB) was established in 1916 by the Philippine legislature to provide financial services and support economic development, replacing the smaller Agricultural Bank. It functioned as the country's de facto central bank until 1949. PNB has since grown to become one of the largest banks in the Philippines, offering banking products and diversified financial services. Its mission is to deliver quality products and services to create value for customers, employees, shareholders, and communities.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    188 views2 pages

    History of PNB

    Uploaded by

    Alliah Somido
    The Philippine National Bank (PNB) was established in 1916 by the Philippine legislature to provide financial services and support economic development, replacing the smaller Agricultural Bank. It functioned as the country's de facto central bank until 1949. PNB has since grown to become one of the largest banks in the Philippines, offering banking products and diversified financial services. Its mission is to deliver quality products and services to create value for customers, employees, shareholders, and communities.

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    HISTORY:

     The Philippine National Bank was established as a government-owned banking institution on


    July 22, 1916 with headquarters in the old Masonic Temple along Escolta, Manila. Its primary
    mandate was to provide financial services to Philippine industry and agriculture and support the
    government’s economic development effort.
     World War I, then raging in Europe, generated huge demand for the country’s major exports
    namely: sugar, copra, coconut oil, Manila hemp and tobacco. However, not much was being
    done to develop the industries that produced these sought-after crops since access to credit
    facilities was limited then. To solve this problem, Henderson Martin, Vice Governor of the
    Philippines, together with Mr. Miguel Cuaderno (who later became Central Bank governor)
    drafted the charter for a national bank.
     In February 4, 1916, Public Act 2612 was passed by the Philippine legislature providing for the
    establishment of the PNB to replace the small P1 million government-owned Agricultural Bank.
     “The First Universal Bank in the country”
    With PNB’s establishment, Filipinos found a bank of their own. PNB was authorized to grant
    short and long-term loans to agriculture and industry. The Filipino farmers then could avail of
    loans with interest between 8% and 10% per annum. PNB was also authorized to receive
    deposits, open foreign credits and rediscount bills. It was also given the special power to issue
    circulating notes. As such, PNB functioned as the de facto Central Bank of the country until 1949.
     The privatization of the Bank started when 30 per cent of its outstanding stocks was offered to
    the public and its stocks were listed in the stock exchange in 1989.
     In 1992, PNB became the first Philippine bank to reach the P100 billion mark in assets.
     Also in 1992, a second public offering of its shares was issued to continue its privatization.
     The Bank remains as one of the largest banks in the country with a wide array of competitive
    banking products to answer for the diverse needs of its huge clientele including more than 2
    million depositors.
     Through its subsidiaries, the Bank also engages in a number of diversified financial and related
    businesses such as remittance servicing, investment banking, non-life insurance, stock
    brokerage, leasing and financing and foreign exchange trading.  The Bank, through its affiliate, is
    also engaged in other services such as life insurance.

    Mission Statement

    We are a leading, dynamic Filipino financial services group with a global presence committed to
    delivering a whole range of quality products and services that will create value and enrich the lives of
    our customers, employees, shareholders and the communities we serve.

    Vision 2010 and Beyond

    To be the most admired financial services organization in the country in terms of:

     Financial performance – rank #1 or #2 in its businesses in terms of return on equity


     Innovativeness – in products, services, distribution and the use of cutting-edge technology
     Customer perception
    o The preferred financial services provider
    o The customer-centered organization with a passion for service excellence
     Social responsibility – the employer of choice, a good corporate citizen and partner in nation-
    building
     Long-term vision – developing competitive advantage on a sustained basis by anticipating
    changes in customer’s preferences and in the manner of doing business

    Corporate Objective

    PNB aims to continually provide the best customer experience to generations of Filipinos here and
    abroad.

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