The group of tycoon Lucio Tan is consolidating its non-life insurance businesses under privately-held Allied Bankers Insurance Corp. (ABIC), while allowing banking arm Philippine National Bank (PNB) to monetize a noncore asset.
In a recent disclosure to the Philippine Stock Exchange, PNB said its board had approved the sale of 100 percent of shares held by PNB and PNB Holdings Corp. in PNB General Insurance Co. Inc. to ABIC for P1.52 billion.
The deal is subject to regulatory and other necessary approvals, according to the disclosure.
“For PNB, it’s rationalization of noncore business,” Wick Veloso said, when asked about the rationale for this transaction.
PNB has been workin…
Keep on reading: LT group consolidating non-life insurance interests