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March 01, 2024

PNB unit gets SEC nod on amended by-laws, articles of incorporation

A unit of the Philippine National Bank headed by Bankero Jose Arnulfo “Wick” Veloso has received the green light from the Securities and Exchange Commission (SEC) to amend its by-laws and articles of incorporation.

PNB’s Allied Integrated Holdings Inc. received its certificate of filing of Amended Articles of Incorporation and certificate of filing of Amended By-Laws from the SEC on February 10.

Allied Integrated Holdings, formerly PNB Savings Bank, was originally considered positioned as a digital bank.

In September 2018, the Board of Directors of Lucio Tan’s PNB approved its total integration with PNB Savings Bank, through the acquisition of its assets and assumption of liabilities in exchange for cash.

In August 2019, the Bangko Sentral ng Pilipinas (BSP) approved the planned merger followed by the approval of the change in corporate name to Allied Integrated Holdings in February last year.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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