MANILA - Philippine National Bank (PNB) on Saturday announced it has acquired the assets of PNB Savings Bank (PNBSB), its thrift bank subsidiary.

With this, PNBSB will be fully integrated into the parent bank, PNB said in a statement. PNB will also be assuming all of PNBSB's liabilities in exchange for cash, pending regulatory and other necessary approvals.

"Our bank’s consumer lending business, which is being operated through PNB Savings, will benefit from the Parent Bank’s ability to efficiently raise low-cost funds," PNB President Reynaldo Maclang said in a statement.

Maclang also said PNB will be able to deliver a more efficient banking experience once the integration has been completed.

The integration is also expected to improve the synergies among branch networks.

As of August 2018, PNB has 644 domestic branches, while the thrift bank has 63 branches.

With the integration, PNB now has a total of 707 domestic branches.

"The integration effectively enhances our competitive stance in the consumer and SME business segments," Maclang said.

As of the first half of 2018, PNB registered a consolidated net income of P5.4 billion. This amount is double the earnings of P2.7 billion for the same period in 2017.

PNB also ranks 4th among Philippine private commercial banks in terms of assets, with consolidated resources of P876.2 billion.