PNB open to selling stake in PNB Holdings

MANILA, Philippines — Philippine National Bank (PNB), led by Lucio Tan, has stated that it is open to potentially selling its stake in PNB Holdings Corp., a real estate holding company. PNB president and CEO Edwin Bautista made this clear when asked about the possibility of reducing the bank's stake in PNB Holdings.

Bautista explained that the bank is not primarily a real estate company, and by removing its stake from the balance sheet, PNB's financial statements became clearer and more valuable. He also mentioned that the decision to sell its shares in PNB Holdings would depend on the offer that yields the best value for the bank.

PNB currently holds a 49.75-percent stake in PNB Holdings, equivalent to 23.35 billion shares. The bank's stake in PNB Holdings was listed on the Philippine Stock Exchange on September 25, 2022, with the initial offering amounting to 46.93 billion shares. PNB Holdings manages and develops commercial properties in Metro Manila, with a focus on office, retail, and event spaces, including high-profile properties like PNB Financial Center, PNB Makati Center, and a 8,000-square-meter property at the intersection of Buendia Avenue and Paseo de Roxas Avenue.

Bautista hinted at the bank's plans for a phased redevelopment of some of its assets, starting with the Buendia property, which it intends to transform into a high-end mixed-use development. He noted that the bank's decision to distance itself from PNB Holdings was driven by the confusion caused by the ticker symbol LTL, as many people incorrectly assumed that LTL referred to Lucio Tan Land or that the holding company owned PNB.