PNB appoints Lucio Tan as Chairman Emeritus; elects 2 new directors

MANILA, Philippines (September 22, 2023) — In a significant move, Dr. Lucio C. Tan has taken on the role of Chairman Emeritus at the Philippine National Bank (PSE: PNB), while his wife, Mrs. Carmen Tan has joined the Bank’s distinguished Board Advisors, the Bank announced in a statement.

As part of a broader strategic restructuring, the Bank also disclosed the appointment of Chester Y. Luy and Atty. Eusebio V. Tan as new members of the Board of Directors, while both Dr. Tan and Mrs. Tan will continue to be actively involved in the Bank.

“These strategic appointments reflect PNB’s commitment to its long-term objectives and its focus on ensuring sustained profitability under the guidance of a seasoned and professional leadership team,” said Dr. Tan.

With this development, Dr. Tan gave his assurance to the Bank’s various stakeholders. “As I assume the role of Chairman Emeritus, I would like to 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 an its future.”

The decision to introduce Luy and Atty. Tan into PNB’s Board represents a shift towards reinforcing strong leadership support for member companies of the Lucio Tan Group (LTG), aligning with observed trends in recent years. Similar developments have been evident within Philippine Airlines, coinciding with the appointments of Lucio Tan III as the new President and COO of LTG and his brother Kyle Tan as President of Eton Properties Philippines Inc.

“It’s a move that underscores PNB’s commitment to adapting and thriving in an ever-evolving financial landscape,” said PNB President Florido Casuela. “I am confident that having Directors Luy and Tan in our Board further strengthens our roster of leaders. PNB is now on its 107th year of serving Filipinos. The PNB Board and the management team shall work together to continue PNB’s legacy of being a reliable financial partner of Filipinos here and abroad.”

Atty. Tan was the Managing Director of the prestigious law firm ACCRALAW, where he currently serves as Senior Counsel. He also served as President of the Management Association of the Philippines. His areas of expertise include corporate law, banking and finance, investment law, franchising, mergers and acquisitions, government contracts, public-private partnership arrangements, and privatization projects.

Luy, on the other hand, served as a Member of PNB’s Board of Advisors and held the position as PNB’s Chief Strategy Officer and the Head of Wealth Management Group. He also serves on the Board of various corporations, including LTG, Tanduay Distillers Inc., and Eton Properties Philippines Inc. He has extensive background in senior leadership roles at JPMorgan, Bank of America Merrill Lynch, Barclays Capital, HSBC, Julius Baer, Bank of Singapore, RCBC and PNB.

President Casuela further stated, “The change in the Board’s composition in PNB will not affect the Bank’s strategic direction. In fact, this move supports our strategy. PNB will continue to create value for clients, markets, and shareholders by delivering financial solutions that help promote the financial growth of our clients and the economic progress of our country.”

PNB also acknowledged Dr. Tan’s over 20 years of stewardship in the bank. His tenure was marked by several milestones, including the successful completion of the PNB-Allied Bank merger in 2013, a significant achievement that solidified PNB’s position as one of the nation’s foremost privately-owned commercial banks. Under his visionary guidance, PNB expanded its global presence, serving the financial needs of millions of overseas Filipinos.



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