The Philippine National Bank (PNB) announced plans to wind down several operations as it shifts focus toward emerging revenue opportunities.
In a regulatory filing on Monday, the Lucio Tan–owned bank said its board had approved the dissolution of its consumer finance and enterprise services groups. Alongside this, PNB is preparing to shut down its Bahrain Representative Office, pending regulatory approval.
PNB currently maintains a presence in 17 countries across North America, Europe, the Middle East, and Asia. However, the bank admitted it faces growing competition from both banks and nonbank players in these regions.
To stay ahead, PNB president and CEO Edwin Bautista earlier emphasized the need to “unlock new revenue streams.” He noted that the bank is turning to advanced technologies—including data science and artificial intelligence—to strengthen its income base and differentiate itself in the global financial landscape.
