The Philippine National Bank (PNB) announced that taipan Dr. Lucio C. Tan has moved up as its Chairman Emeritus while his wife and Director Carmen K. Tan will join the bank’s Advisory Board.

In a disclosure to the Philippine Stock Exchange (PSE), the bank said its Board of Directors and the Management of PNB extend their heartfelt appreciation to Tan for his exemplary stewardship spanning over two decades. 

During his tenure, 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,” PNB said.

Tan said that, “as I assume the role of Chairman Emeritus, I would personally assure our customers, shareholders, investors, and employees that the Tan family will continue to be a major shareholder of PNB. We remain strongly committed to support the Bank and its future."

Meanwhile, Atty. Eusebio V. Tan and Chester Y. Luy have been elected as new members of the PNB Board of Directors to replace the Tan spouses. 

“Atty. Tan, with his extensive experience as Senior Legal Counsel and former Managing partner at ACCRALAW, brings expertise in banking, mergers and acquisitions, investments, business law, among others,” said the bank. 

On the other hand, it said Luy has a vast international leadership background and had 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,” the bank said. 

It added that, “they reinforce PNB's commitment to achieving long-term objectives, ensuring sustained profitability under the guidance of a highly experienced and professional leadership team.”