PNB board reports to stockholders

There was only one change in the board of Philippine National Bank. During the bank’s annual stockholders meeting presided by chairman Francisco Dizon, former Philippine Deposit Insurance Corp. president Norberto Nazareno was replaced by the current PDIC president, Ricardo Tan.

In his report to stockholders, many of whom are government employees, president Lorenzo Tan projects the bank will hit its financial targets this year. Since taking the job, Mr. Tan has brought in senior officers from both foreign and local commercial banks. Among his executive vice-presidents are Omar Byron Mier, who came from Deutsche Bank; Asterio Favis, Jr., who came from Asian Banking Corp.; and Carmen Huang, who came from Equitable PCI Bank . – MJGrey