Allied Integrated Holdings Inc. has returned P7.5 billion in excess capital back to its parent firm Philippine National Bank (PNB) headed by Bankero Jose Arnulfo “Wick” Veloso after obtaining the green light from the Securities and Exchange Commission (SEC) to decrease its authorized capital stock.
Out of the P10.5 billion subscribed and paid up capital of the Lucio Tan-led Bank, Allied Integrated Holdings returned P7.5 billion to PNB last February 18.
The corporate regulator approved the decrease in the authorized capital stock of Allied Integrated Holdings to P3 billion consisting of 30 million common shares at P100 per share form P15 billion composed of 149.975 million common shares at P100 per share and 25,000 preferred shares at P100 per share last February 10.
Allied Integrated Holdings, formerly PNB Savings Bank, is now a holding company wholly-owned by the Tan-led PNB.
The integration between PNB and PNB Savings Bank that was approved by the Board of Directors in September 2018 took effect March 2020 or almost seven months after it was approved by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP).
With the consolidation, PNB is now able to deliver a more efficient banking experience and serve a wider customer base. The customers of the defunct PNB Saving Bank now have access to PNB’s diverse portfolio of financial solutions.
The consumer lending business, previously operated through PNB Savings Bank, now benefits from PNB’s ability to efficiently raise low cost of funds.