PNB Sells P450 Million Acquired Asset

May 28, 1999 PSE CIRCULAR FOR BROKERS NO. 1237-99 PNB Sells P450 Million Acquired Asset The Philippine National Bank has sold P450 million of its acquired assets as of the first quarter this year, generating about 30% income from the sales. The bank has recently launched an aggressive asset disposal program to provide additional income and capital for its operation and accelerate the monetization of its acquired assets which are mostly real estate and chattels. PNB conducted a series of briefings for real estate brokers at the PNB Financial Center in Roxas Boulevard, Pasay City. LibLex During the briefing, SVP Adeline Carbonell of the Bank's Asset Disposal Group said PNB's acquired assets now amount to about P7 billion. A five per cent commission or referral fee will be given to brokers or PNB employees who sell acquired properties of the bank. SVP Carbonell said she was "pleased with the reaction of the market" to PNB's asset disposal program. "I am confident we can meet our goal of disposing a substantial amount of our acquired assets by the end of the year," she said. Accreditation of licensed brokers is still ongoing. Interested parties may contact PNB's Special Assets and Administration Division at telephone no. 526-3406, 526-3131, 526-3233 or 526-3361 for more information.