PNB to consolidate insurance business

Philippine National Bank (PNB) will divest from PNB-Beneficial Life to consolidate the Lucio Tan Group's insurance business under PNB Life. Omar Byron Mier, PNB president, said the bank is talking with its partner,the Fernandez family, to buy back shares. PNB owns 40 percent of PNB-Beneficial Life, with the family of the late central bank governor Jose B. Fernandez owning 60 percent. The Lucio Tan Group in 2007 acquired the license of New York Life (Phils.) by hiking Allied Bank's stake from 25 percent to 75 percent. Other shareholders of the Lucio Tan Group bought the remaining 25 percent.

in Malaya
May 5, 2008
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