MANILA, Philippines—Philippine Savings Bank has announced the retirement of long-time president Pascual Garcia III and the appointment of Vicente Cuna Jr., an executive at parent company Metropolitan Bank and Trust Co., as his successor effective Friday.
Cuna, currently Metrobank senior executive vice president, is to be formally installed as the new PSBank president during the organizational meeting of the bank’s board Friday, April 19, after PSBank’s annual stockholders meeting.
Garcia, who served as president of PSBank since 2001, will take on another position within the Metrobank group, consistent with its policy of cross-posting, an announcement said. Garcia has been instrumental in rallying the bank to become one of the key players in the consumer banking market today, the statement said, adding that with his vision and leadership, the bank has become the second largest savings bank in the country.
PSBank has also chalked up record profits in recent years.
The statement noted that Garcia played a valiant role in protecting PSBank’s interests during the Corona impeachment trials last year, when the bank accounts of ousted Supreme Court Chief Justice were under scrutiny.
With Garcia’s departure, PSBank will be turned over to equally capable hands, the announcement said. Cuna has been privy to the strengths of the bank as its former vice chair and director from 2009-2011.
Cuna previously served as the head of institutional and corporate banking at Metrobank. He was chairman of Metro Remittance (Canada), Inc. He also held the position of adviser of Metrobank and Philippine Charter Insurance Corporation, and director at SMBC Metro Investment Corp.
Before joining the Metrobank group, Cuna worked at Citibank Manila, Citibank New York and JP Morgan New York.
PSBank is a key player in the consumer banking industry with its capital of P15.07 billion and net income of P2.3 billion as of end-2012. PSBank has expanded its network coverage to over 200 branches and over 500 automated teller machines nationwide. Its motto is to consistently make banking “simple, fast and convenient” for customers.