Company Background


Establishment and Early Years (1916–1949):
 PNB was established on July 22, 1916, as a government-owned bank to support Philippine agriculture and industry amid growing global demand for export crops. Initiated through Public Act 2612, it replaced the Agricultural Bank and was headquartered at the Masonic Temple along Escolta, Manila. It became the country’s first de facto central bank, with powers to issue currency, accept deposits, provide loans, and perform clearing functions. PNB expanded rapidly, opening its first domestic branch in Iloilo (1916) and international branches in New York (1917) and Shanghai (1918).

Post-War Growth and Technological Innovation (1950s–1970s):
 After World War II, PNB resumed operations and was granted investment banking powers in 1955. In 1963, it established the National Investment and Development Corporation. In 1966, it moved to a new head office and launched the first online electronic data processing system in the Far East. From 1967 to 1979, it expanded both locally and internationally, launching the Dollar Remittance Program for overseas Filipinos.

Universal Banking and Challenges (1980s):
 PNB became the first universal bank in the Philippines in 1980. However, it faced operational difficulties due to the political and economic instability following the assassination of Senator Benigno Aquino Jr. in 1983. Government assistance was needed in 1986.

Privatization and Modernization (1989–1999):
 PNB began privatization in 1989, listing on the stock exchange and achieving P100 billion in assets by 1992. By 1996, it officially became a private corporation, though the government retained a 46% stake. In 1999, a private group led by Dr. Lucio Tan acquired a significant share, marking a new chapter.

Rehabilitation and Recovery (2000–2007):
 Despite a liquidity crisis in 2000, the bank was rehabilitated through a capital infusion from both the government and Lucio Tan Group. A Memorandum of Agreement in 2002 enabled a 5-year recovery program. By 2003, PNB returned to profitability, well ahead of schedule. The government fully exited from PNB by 2007 following the repayment of loans and a successful equity offering.

Today:
 PNB remains one of the Philippines’ largest banks, known for its extensive domestic presence and strong overseas remittance network. Through its subsidiaries and affiliates, it offers a wide range of financial services including investment banking, insurance, leasing, brokerage, and forex trading.


Historical Milestones