branches and another outside the Philippines in Shanghai, China. As the de facto central bank and national treasury PNB has also functioned as the de facto central bank of the Philippines until 1949. It was given the special power to issue circulating notes. PNB briefly ceased operations in January 1942 but reopened the next month under the supervision of Japanese authorities. After the Second World War, PNB reopened immediately and acquired the assets and assumed the liabilities of the banking division of the Bangko Sentral ng Pilipinas. With the establishment of the Central Bank in 1949, PNB's role as issuer of currency notes, custodianship of bank reserves, sole depository of government funds and clearing house of the banking system ceased. PNB investments In 1955, it was authorized to operate as an investment bank with powers to own shares and to issue debentures. In 1963, it established the National Investment and Development Corporation to engage primarily in long-term and equity financing of business ventures. PNB transferred to its new head office along Escolta in 1966 and launched the first on-line Electronic Data Processing System in the Far East. Between 1967 and 1979, PNB opened offices in London, Singapore, Jakarta, Honolulu and Amsterdam, and 14 provincial branches. It also started the Dollar Remittance Program. In 1980, PNB became the first universal bank in the country. However, it encountered difficulties in the mid-80s as a result of the economic downturn triggered by the assassination of Senator Benigno S. Aquino Jr. and in 1986 received assistance from the government. For a while the bank was headed by Roberto Benedicto, a classmate of President Ferdinand Marcos and the head of the sugar industry monopoly. He also owned Overseas California Bank in Los Angeles, California, along with Marcos. In 1990, Benedicto agreed to turn over ownership of that bank to the Philippine government in return for criminal racketeering and conspiracy charges against him being dropped. PNB bought the bank for $10 million and merged it into their Century Bank affiliate in Los Angeles. Privatization The privatization started in 1989 when 30 per cent of its shares were offered to the public and it was listed on the stock exchange. In 1992, PNB became the first Philippine bank to reach in assets. Later that year, privatization continued with a second public offering of its shares. In 1995, PNB moved to its headquarters to the PNB Financial Center,