Please forward this error screen to 205. For the central monetary authority of the Philippines, see Bangko Sentral ng Pilipinas. The bank was acquired by tycoon Lucio Tan after it was privatized by the government, and became the first universal bank in the Philippines in 1980. After its merger with the Tan-bpi forex Allied Bank on February 9, 2013, PNB became fifth largest private domestic bank in the country.
PNB had 331 branches in the Philippines and 13 branches overseas as of end 2011. Emergency circulating note for World War I. The Philippine National Bank was established as a government-owned banking institution on July 22, 1916. Its primary mandate was to provide financial services to Philippine industry and agriculture and support the government’s economic development effort. World War I, then raging in Europe, generated huge demand for the country’s major exports namely: sugar, copra, coconut oil, Manila hemp and tobacco. On February 4, 1916, Public Act 2612 was passed by the Philippine Legislature providing for the establishment of PNB to replace the small P1 million government-owned Agricultural Bank.
PNB’s first head office was the Masonic Temple along Escolta, Manila, the then «Wall Street of the Philippines» in the bustling district of Sta. With PNB’s establishment, Filipinos had a bank of their own. PNB was authorized to grant short and long-term loans to agriculture and industry. PNB was also authorized to receive deposits, open foreign credits and rediscount bills. On July 24, 1916, PNB established its first branch in Iloilo. In 1917, PNB opened its first non-Philippine branch in New York. The following year, it established five more domestic branches and another outside the Philippines in Shanghai, China.