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Tuesday, April 05, 2005
PNB prexy quits
LORENZO V. Tan has resigned as president and chief executive officer of the Philippine National Bank, effective April 10.
Tan is moving to explore opportunities with a foreign institution, the bank said in a statement.
Tan joined the bank on April 10, 2002 after PNB’s two major shareholders—the government-owned Philippine Deposit Insurance Corp. and the Lucio Tan Group—invited him to manage the national bank.
At the time, the PDIC had just put into the bank P7.8 billion in equity, in the form of preferred shares, in line with the bank’s rehabilitation program.
Tan is credited with enabling the bank to turn in a modest profit of P168 million in 2003 after five straight years of losses.
Preliminary unaudited financial statements indicate that the bank doubled its net income to P353 million last year.
Tan’s departure comes at a time when the government is trying to sell a controlling stake in the bank.
The Lucio Tan Group has the right of first offer in the sale of government’s shares. (CTL)
(April 5, 2005 issue)
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