Pedrosa named new PNB president

MANILA, Philippines - The Philippine National Bank (PNB) has appointed Carlos A. Pedrosa as the new president and chief executive officer following the resignation of Eugene S. Acevedo effective July 30.

Acevedo reportedly resigned for “several promising business endeavors that will require his immediate and hands-on participation.”

Pedrosa already sits at the board of directors of PNB since May this year. He has been a banker for the past 30 years, working in various institutions such as Metropolitan Bank & Trust Co. (Metrobank), Pilipinas Bank, First e-Bank, the United Coconut Planters Bank (UCPB), Philippine AXA Life Insurance Co. and the Philippine Dealing and Exchange Corp. (PDex).

He also served as executive director of Global Power Corp., QSpan Technologies Ltd. and Philippine Telephone Corp. (Piltel).

Pedrosa will be the fourth PNB president in a span of nine years. In 2002, Lorenzo V. Tan moved from the United Coconut Planters Bank (UCPB) to head PNB. In 2005, Tan moved to Sun Life Financial Philippines and was replaced by Omar Byron T. Mier until 2010. Thus, Acevedo served for roughly a year.

In 2008, PNB announced plans to merge with Allied Banking Corp., which is also owned by Taipan Lucio Tan.

The merger, however, has not been consummated due to the failure of Allied Bank to sell its stake in US-based Oceanic Holdings (BVI) Ltd. Domestic monetary regulators froze the proposed merger until US monetary authorities confirms the sale.