Lucio Tan appointed PNB chairman emeritus

MANILA — Tycoon Lucio Tan stepped down as a director of the Philippine National Bank (PNB) after serving the role for over 20 years as one of the country’s biggest private universal banks moves ahead with its succession planning.

But the billionaire will still be involved in the listed company as its chair emeritus. His wife, Carmen Tan, also left her post as director as she transitioned to board advisory duty.

“The relinquishment by Dr. Lucio C. Tan and Ms. Carmen K. Tan of their directorships in PNB is part of succession planning and their commitment to good governance and promotes diversity in the board composition,” PNB said.

The board of directors and management of the bank extended their gratitude for the tycoon’s “exemplary stewardship” that enabled the listed company to reach out to more clients.

“During his tenure, Dr. Tan supervised the successful completion of the PNB-Allied Bank merger in 2013, a milestone that elevated PNB to its current status as one of the country’s premier privately-owned commercial banks,” the bank said.

The merger took effect on Feb. 9, 2013, which was about four years in the making. The transaction grew the footprint of PNB with the combined bank branches and assets in its portfolio.

Following the couple’s resignation, the board elected Chester Luy and Accra Law of counsel Eusebio Tan as directors.

Luy, who has been a board adviser since 2020, previously served chief strategy officer and head of the wealth management group. He also held senior leadership roles at JPMorgan, Bank of America Merrill Lynch, Barclays Capital, HSBC, Julius Baer and Bank of Singapore, among others.