MANILA, Philippines - Philippine National Bank (PNB) president and CEO Omar Byron T. Mier, who has successfully turned around the bank since he assumed his post in 2005, will relinquish the presidency at the end of his term after the annual stockholders’ meeting on May 25.
In a statement, PNB said Eugene S. Acevedo, whose appointment has been approved by the bank’s board of directors, will thereafter take over the position of president and CEO.
Acevedo brings with him 23 years of solid banking experience focused on treasury operations at Citibank. He is currently connected with Citigroup as managing director and head of global markets, Hong Kong and Taiwan Cluster; country treasurer, Hong Kong and Macau; treasurer, Citicorp International Ltd.; and chairman, Markets Asia Recruitment Committee.
PNB acknowledged Mier’s competent leadership which enabled the bank to successfully complete its rehabilitation program in 2007. From 2003 up to 2009, PNB has achieved significant strides in reducing its non-performing loans, fortifying its core businesses, and improving profitability. With the strong foundation set in place, PNB is thus well positioned to explore new territories that will provide additional sources of income and growth. As a whole, this new business tack is envisioned to enable PNB to further strengthen its franchise as one of the most stable and well entrenched banks in the Philippines serving a broad segment of customers, both here and overseas.
To continue tapping into his expertise, Mier will be nominated as a director of PNB during
the forthcoming annual stockholders’ meeting in May. He will continue to be PNB’s representative to the board of Victorias Milling Corp., the first successful bank-led rehabilitation of a company under the receivership of the Securities and Exchange Commission.