PNB president Acevedo resigns, say PDI sources

TREASURY GURU. Eugene Acevedo boosted PNB's presence in financial markets, and beefed up the bank's treasury team.

MANILA, Philippines — Banker and treasury veteran Eugene Acevedo has resigned from his post as the president and CEO of the Lucio Tan-controlled Philippine National Bank (PNB), according to Philippine Daily Inquirer sources familiar with the issue.

His departure from the publicly listed universal bank came a few weeks after the departure of businesswoman Gloria Tan-Climaco – with whom the bank president was reportedly allied – from the boards of various Lucio Tan group firms.

PNB is the sixth largest bank in the country in terms of assets.

According to banking industry sources, Acevedo will be replaced at the bank’s helm by veteran banker Lito Pedrosa who currently sits on the board of PNB. Pedrosa once worked in the Metropolitan Bank and Trust Co. as head of its treasury operations, and was eventually appointed to the bank’s board. At present, he is also a member of the Market Governance Board of the country’s bond exchange, the Philippine Dealing and Exchange Corp.

Acevedo’s resignation comes a little over 13 months after he was officially appointed president of PNB and tasked with revitalizing the bank after it had successfully recovered from a government-supervised rehabilitation program in the previous decade.

Sources indicated that Acevedo had a three-year contract as PNB president.

In the previous year, Acevedo – who has over two decades of experience in the field of treasury operations – boosted PNB’s presence in financial markets and beefed up the bank’s treasury team through the addition of several high-profile market practitioners.

“[Acevedo] was perceived as being closely allied with Gloria Tan-Climaco, so that didn’t help when she left the [Lucio Tan] group,” a source familiar with the issue said.

As of this posting, the Acevedo has not responded to requests for comment on the issue.