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Philippine National Bank to repurchase 320M pesos of shares

PhilippineNational Bank plans to repurchase 320 million pesos of own sharesat market value.

The proposed share repurchase will be made in relation tothe one-time grant of centennial anniversary bonus to the bank's officers andemployees. The share repurchase is subject to necessary approvals.

Further, the bank appointed Modette Ines Carino actingpresident and director of unit PNB-IBJL Leasing and Finance Corp.

Most recently, Carino served as first vice president of PNBSavings Bank. She will replace Edgardo Nallas who will retire as first seniorvice president, effective Sept. 30.

As of Sept. 23, US$1was equivalent to 48.08 Philippine pesos.