Following an unsuccessful attempt to hire a new president that ran for almost a year, it looks like Philippine National Bank (PNB) officer in charge Florido “Doy” Casuela will stay at the helm for
Unionbank executive vice president Eric Lustre was also invited, as well as another executive vice president from Chinabank, but none of these negotiations yielded any positive results, we hear.
PNB’s other challenge is equally weighty. Its owners will have to decide soon on what to do with the real estate that it spun off to a special purpose vehicle called PNB Holdings in order to lighten the bank’s nonperforming assets. The problem, we’re told, is that the first family of Lucio Tan doesn’t quite want to let go of these prime, repossessed real estate. But if they want to retain control of these assets, they will have to shell out billions in cash to capitalize PNB Holdings.
Or the group will have to sell PNB Holdings’ shares to investors via an initial public offering . Biz Buzz hears that such an IPO may happen by the first quarter of 2024. That should ease the worries of the Bangko Sentral ng Pilipinas , given that the finances of PNB are a key concern.
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