Japanese partner increases stake in PNB leasing arm

01 Dec

Philippine National Bank (PNB) said IBJ Leasing Co Ltd (IBJL) increased its stake in Japan-PNB Leasing and Finance Corp (JPNB) to 25% from the previous 10% after acquiring more shares from the Lucio Tan-owned lender.

The share-sale reduced PNB’s ownership in JPNB to 75%.

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Senior IBJL officials are in the Philippines to sign the terms of the expanded partnership between the two companies.

JPNB will change its commercial name to PNB-IBJL Leasing and Finance Corp by next year, subject to the approval of the regulators.

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Posted by on December 1, 2014 in Corporate News, PNB, Stock Market


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