PNB'S HK REMITTANCE SUBSIDIARY INKS TIE UP WITH INDONESIAN BANK

Manila, June 10, 2003 (Star) The PNB Remittance Center Limited (PNB-RCL), Philippine National Bank’s remittance subsidiary in Hong Kong, signed a remittance tie-up arrangement with Bank Mandiri (Persero), Hong Kong branch, at the Conrad Hotel in Hong Kong.

Under the Indonesian Remittance Program, PNB-RCL’s eight branches will act as collection points for remittances of Indonesian workers in Hong Kong, now numbering over 70,000, using PNB’s Electronic Remittance Processing System. Meanwhile, Bank Mandiri Hong Kong will remit the funds collected by PNB-RCL to the workers’ beneficiaries in Indonesia using Bank Mandiri’s network of branches.

Bank Mandiri is the largest and most profitable bank in Indonesia with 650 domestic branches and 3,000 automated tellering machines (ATMs). It is a product of a merger of four former state-owned Indonesian banks.

PNB president Lorenzo V. Tan welcomes the remittance program as it maximizes the remittance facilities of eight PNB RCL branches in Hong Kong located at Wings Building in Queen’s Road, at Worldwide House (3 branches) and EuroTrade Center in Des Voeux Road – Central, in North Point, Tsim sha Tsui – Kowloon and Tsuen Wan, NTR. PNB will open additional remittance shops, particularly in the Causeway Bay area, to serve the growing number of Indonesian migrant workers in Hong Kong, now numbering over 78,000.

According to Tan, "This remittance tie-up is one of PNB’s initiatives to expand our fee-based income business. We continue to look for opportunities in other areas so we can optimize on PNB’s global reach, world-class remittance facilities and strong brand."


Reported by: Sol Jose Vanzi

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