The Philippine National Bank (PNB) has completed its divestment from the Beneficial-PNB Life Insurance Company, Inc. (BenLife) with the signing of a Deed of Absolute Sale covering its 40% equity interest in said company. PNB's shareholdings were acquired by the firm's majority owners, namely FMF Development Corporation and Merje Trading, Inc. The buyers turned over to PNB P350 Million on November 28, 2008 representing the full payment of the purchase price totaling P700 Million.
PNB's divestment in BenLife is in line with its thrust to consolidate its bancassurance business with PNB Life Insurance, Inc (formerly New York Life Insurance, Inc.) Aside from life insurance, the Bank is also engaged in non-life insurance through its wholly owned subsidiary, PNB General Insurers Co., Inc. One of the biggest universal banks, PNB offers ancillary financial services such as insurance, investment banking, leasing and financing, and stock brokerage, among others, through its various subsidiaries and affiliates.
** PNB Press Release
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