Philippine National Bank: Update following rating affirmation, outlook changed to positive
Our credit view of this issuer reflects its strong liquidity, constrained by its unseasoned loan risks from its accelerated growth into retail and SME segments.Philippine National Bank provides a range of banking and other financial services to corporate, middlemarket and retail customers, the National Government, local government units and government-owned and controlled corporations and various government agencies. Co.'s principal commercial banking activities include deposit-taking, lending, bills discounting, foreign exchange dealing, investment banking, fund transfers/remittance servicing and a full range of retail banking and trust services. As of Dec 31 2010, Co. operated through 325 domestic and 34 overseas branches and offices. As of Dec 31 2010, Co. had total assets of Pp302.13 billion and total deposits of Pp226.43 billion.
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