PNB Increases Stake at Japan-PNB Leasing
Philippine National Bank (PSE: PNB) increased its equity interest in Japan-PNB Leasing & Finance Corp. from 60% to 90% by acquiring IBJ Leasing Co. Ltd’s (IBJL) 25% share and Mizuho Corporate Bank’s 5% stake in the leasing company. IBJL remains as an active joint-venture partner with a 10% equity interest and one seat in the Board.
Both PNB and IBJL are fully committed to contribute their respective resources to further enhance the position of Japan-PNB Leasing as one of the top leasing companies in the Philippines today.
Established in 1998, Japan-PNB Leasing offers financial leasing, sale-leaseback, instalment notes financing, and business loans. It also undertakes operating leases through a wholly owned subsidiary, JPNB RentAll. Japan-PNB Leasing holds the distinction of having the biggest portfolio of Japanese accounts in the industry today.
PNB is one of the Philippines’ largest private commercial banks. Through its subsidiaries and affiliates, it is engaged in a number of diversified financial and related businesses such as leasing and financing, investment banking, stock brokerage, life and non-life insurance, and remittance servicing, among others.