MANILA, Philippines ? The Philippine National Bank board has officially approved the appointment of Citigroup treasury veteran Eugene Acevedo as its new president and chief executive officer.

In a press statement on Wednesday, tycoon Lucio Tan-led PNB announced that current president Omar Byron T. Mier ? who has successfully turned around the bank since he assumed his post in 2005 ? would relinquish the presidency at the end of his term after the annual stockholders? meeting on May 25 this year.

Acevedo brings with him 23 years of solid banking experience focused on treasury operations at Citibank, the PNB statement said. He is currently connected with Citigroup as: managing director and head of global markets for Hong Kong and Taiwan Cluster; country treasurer for Hong Kong and Macau; and, treasurer for Citicorp International Ltd; and chair, Markets Asia recruitment committee.

With the beginning of a new decade this 2010, PNB announced a new and ambitious five-year plan aimed at delivering sustained and enhanced value to its shareholders. The goal is to boost its return on equity to 18-20 percent.

"At the core of this new strategy is to explore new avenues of revenue generation principally in the areas of treasury operations and investment banking. This is intended to boost its traditional sources of revenues which are loan operations, retail banking and remittance," the bank said.

PNB?s forthcoming merger with Allied Banking Corp., which will make the combined entity the fourth largest in assets in the Philippines, is seen bringing the bank to a new phase and a new set of opportunities such as revenue and cost synergies, market expansion and wider domestic and international footprint that are expected to significantly enhance its financial prospects.

But the bank also expressed its gratitude to Mier?s competent leadership which had 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," the bank said.

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 also 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.