Taipan Lucio Tan’s Philippine National Bank is replacing its current President and CEO Florido P. Casuela with former Union Bank of the Philippines President Edwin R. Bautista effective April 29, 2025.
In a disclosure to the Philippine Stock Exchange, PNB said its Board of Directors has appointed Edwin R. Bautista to succeed Casuela, subject to his election and qualification as a member of the Board.
Bautista has already been nominated as a Director of the bank for the year 2025 to 2026 in the place of Casuela, as endorsed by the board’s Corporate Governance and Sustainability Committee.
“This impending leadership transition marks a key milestone in PNB's ongoing strategic transformation. The Board expressed its deep appreciation for Mr. Casuela who skillfully led the bank through the challenges of the post-pandemic period,” the bank said.
Casuela will be taking a less active role in the Bank and focus on personal businesses. He will continue to serve PNB in a strategic capacity as Board Advisor.
Bautista brings with him a wealth of experience from UnionBank where he played a pivotal role in driving the bank's digital transformation and expanding its retail banking.
“His appointment signals PNB's commitment to innovation, customer-centric banking, and long-term sustainable growth. PNB remains dedicated to modernizing its operations, enhancing financial services, and strengthening its position as one of the country's premier banking institutions,” the bank said.
Bautista’s 27-year career at UnionBank saw the lender go from becoming the front running digitalized bank in the country to setting it on a path to become a retail bank leader.
After a delayed retirement from UnionBank, he declared that his mission had been accomplished after completing two major milestones – the successful acquisition and migration of the Citibank Philippines retail business to UnionBank platforms and to ensure a qualified and ready successor by 2025.
Two years after winning the bid for Citi Philippines’ retail business assets, UnionBank completed the migration of Citi accounts last March 25, 2024.
Casuela, on the other hand, joined PNB in 2006 as Director. He was appointed as the Bank’s Acting President on July 5, 2022, after former President and CEO Jose Arnulfo Veloso was appointed as President and General Manager of the Government Service Insurance System.
Casuela is currently the Chairman of PNB Securities, Inc. He is also a director of Allianz PNB Life Insurance, Inc.; PNB International Investments Corporation; PNB RCI Holdings Co., Ltd.; and Bancnet, Inc.
Formerly, he served as Chairman of Casuela Equity Ventures, Inc.; Director of Surigao Micro Credit Corporation; and Senior Adviser of the Bank of Makati, Inc.
Likewise, he was a Director of Manila Electric Co.; Special Assistant to the Chairman of the National Power Corp.; Director of Sagittarius Mines; Senior Executive Vice President of United Overseas Bank (formerly Westmont Bank); Senior Vice President of Philippine National Bank; First Vice President of Bank of Commerce; Vice President of Metropolitan Bank & Trust Co. Prior to PNB, he served as President of the Land Bank of the Philippines and Maybank Philippines, Inc.
Casuela is a Certified Public Accountant. He obtained both his Bachelor of Science degree in Business Administration, major in Accounting, and his Master’s degree in Business Administration from the University of the Philippines.