PNB expanding the China-Philippines business corridor

From left: ACB General Manager Zhang Yu; PNB Senior Vice President and ACB Director Lee Eng So; ACB Board Supervisor Rosita Tan; LTG President, PNB and ACB Director Michael Tan; PNB President Wick Veloso; CBIRC Director General-Xiamen Office Zhang Xintan, Deputy Director General Wang Fuming, Director for Foreign Banks Wu Guo Qing, and Examiner Lin Jian Po

Philippine National Bank (PNB) President & CEO Wick Veloso meets with the members of the China Banking and Insurance Regulatory Commission (CBIRC) and with clients in China, as the Philippines gears up for a wider business and trade corridor aligned with the Belt and Road Initiative (BRI). Veloso said Allied Commercial Bank (ACB), a wholly-owned subsidiary of PNB based in Xiamen, is focused on identifying opportunities for growth and strengthening cooperation as envisioned by the ‘New Silk Road’ of China, and the  ‘Build, Build, Build’ program of the Philippines. Also in attendance is PNB and ACB Director and LTG President, Michael G. Tan.

For centuries, migration and trade have bound China and the Philippines, creating a solid partnership between the two countries. Lucio Tan Group (LTG), PNB’s major stockholder, is determined to reinforce this strategic alliance as steered by Dr. Lucio Tan’s vision for the conglomerate.