Philippine National Bank (PNB) is reportedly selling 40% or more in Philippine Life Insurance (PNB Life), in a deal that could raise as much as $500m.

Asia First reported that President Reynaldo Maclang said PNB is considering selling the stake to a foreign investor as PNB Life is one of the few Philippine insurers that do not have foreign partners.

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Sources reportedly said possible investors could come from Japan and Taiwan, which have been looking for ways to enter the Philippine financial sector. The winning bidder could eventually sign a bancassurance deal that will give it exclusive rights to distribute its products via PNB’s 656 branches.

PNB Life Insurance traces its roots to New York Life Insurance Philippines (NYLIP), the Philippine subsidiary of US-based New York Life International. NYLIP commenced operations in the Philippines in August 2001.

In May 2008, NYLIP changed its corporate name to PNB Life Insurance Inc. to reflect the change in ownership and in anticipation of the merger of Allied Bank and Philippine National Bank.

In October 2009, the Philippine National Bank acquired a minority stake in PNB Life paving the way for the expansion of bancassurance operations of PNB Life to the PNB branches nationwide.

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PNB Life Insurance is a Filipino owned and managed company with Dr Lucio Tan as chairman and Esther Tan as president and vice-chairperson.

As of March 31, 2014, PNB had 656 branches and 849 ATMs strategically located nationwide. It has the most extensive international presence among Philippine banks with 77 overseas branches and offices.