PNB to spend P400M on rebranding program

Lucio Tan-owned Philippine National Bank (PNB) is spending P400 million for two years to rebrand and reposition as the former state-owned lender as a leading consumer bank. PNB has already refurbished some 70 branches and trained its personnel to attract as many borrowers as they could find, the company said this weekend. It should cost the bank some P5 million to refurbish each branch, PNB said. With the cosmetic changes, PNB president Eugene Acevedo said in an interview the broader goal is to dominate the remittance business, retail banking, and insurance. "Our focus will be on consumer finance." PNB's immediate goal is to regain its supremacy in the remittance business, where it currently ranks third. To regain its dominance in the remittance business, PNB has made alliances with foreign units, Acevedo said. Frontline tellers would also be given a common computer password to service any type of transaction with clients any time. With the rebranding program, Acevedo said clients can now come in, transact business with a retrained staff, and complete the transaction in three-five minutes from entering the bank’s premises. — JE/VS, GMANews.TV