PNB appoints Lucio Tan as Chairman Emeritus

MANILA, Philippines (September 22, 2023) — In a significant move, Dr. Lucio C. Tan has taken on the role of Chairman Emeritus at the Philippine National Bank (PSE: PNB), while his wife, Mrs. Carmen Tan has joined the Bank’s distinguished Board Advisors, the Bank announced in a statement.

As part of a broader strategic restructuring, the Bank also disclosed the appointment of Chester Y. Luy and Atty. Eusebio V. Tan as new members of the Board of Directors, while both Dr. Tan and Mrs. Tan will continue to be actively involved in the Bank.

“As I assume the role of Chairman Emeritus, I would like to personally assure our customers, shareholders, investors, and employees that the Tan family will continue to be a major shareholder of PNB. We remain strongly committed to support the Bank and its future.”

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.

“It’s a move that underscores PNB’s commitment to adapting and thriving in an ever-evolving financial landscape,” said PNB President Florido Casuela.

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, on the other hand, 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.

President Casuela further stated, “PNB will continue to create value for clients, markets, and shareholders by delivering financial solutions that help promote the financial growth of our clients and the economic progress of our country.”

Century properties gains full ownership of first-home business

Century Properties Group (CPG) has fully acquired PHirst, its first-home residential venture, marking a milestone five years after entering a joint venture with Mitsubishi Corporation. In May 2023, CPG’s board of directors approved the company’s acquisition of a substantial 40% ownership stake previously held by Mitsubishi Corporation in two entities, PHirst Park Homes, Inc. (PPHI) and Tanza Properties, Inc. (TPI) via a share purchase agreement.