Lucio C. Tan was appointed Chairman Emeritus at the Philippine National Bank (PNB), while his wife, Mrs. Carmen Tan has joined the Bank’s distinguished Board Advisors.
Both Mr. Tan and Mrs. Tan will continue to be actively involved in the Bank, according to a disclosure at the Philippine Stock Exchange (PSE).
In a statement, 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.
The bank also disclosed the appointment of Chester Y. Luy and Atty. Eusebio V. Tan as new members of the Board of Directors. Atty. Tan was the Managing Director of the prestigious law firm ACCRALAW.
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 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.
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. (PR)