PHILIPPINE National Bank (PNB) said that bank director Lucio Tan has been elected as chairman emeritus of the bank while wife Carmen, who is also a director, will join the bank’s advisory board.
“The Board of Directors and the Management of PNB extend their heartfelt appreciation to Dr. (Lucio) Tan for his exemplary stewardship spanning over two decades,” the bank said in a statement.
“During his tenure, Dr. Tan supervised the successful completion of the PNB-Allied Bank merger in 2013, a milestone that elevated PNB to its current status as one of the country’s premier privately-owned commercial banks. Driven by his visionary leadership, PNB expanded its global footprint, catering to the financial needs of millions of Filipinos overseas,” it added.
The Tan couple will be replaced by Eusebio Tan and Chester Luy.
Prior to this appointment, Eusebio was a senior legal counsel and former managing partner at ACCRALAW.
Tan served as president of the Management Association of the Philippines (MAP) and has expertise in banking, mergers and acquisitions, investments, business law, among others.
Luy meanwhile held senior management roles at JPMorgan, Bank of America Merrill Lynch, Barclays Capital, HSBC, Julius Baer, and Bank of Singapore, among others.
“These appointments are a significant step in aligning PNB’s leadership to better serve our customers and stakeholders. They reinforce PNB’s commitment to achieving long-term objectives, ensuring sustained profitability under the guidance of a highly experienced and professional leadership team,” the bank said.
Florido Casuela, PNB president, said the move in the bank’s management “underscores PNB’s commitment to adapting and thriving in an ever-evolving financial landscape.”
