Tycoon Lucio Tan has been appointed chairman emeritus of Philippine National Bank (PNB), while his wife, Carmen K. Tan, joins the lender’s advisory board.
“The board of directors and the management of PNB extend their heartfelt appreciation to Dr. Tan for his exemplary stewardship spanning over two decades,” PNB said in a statement.
During his tenure, 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 top privately-owned commercial banks.
Under his visionary leadership, PNB expanded its global footprint catering to the financial needs of millions of Filipinos overseas, the bank said.
PNB also announced the appointment of Eusebio V. Tan and Chester Y. Luy as new members of board of directors. “It’s a move that underscores PNB’s commitment to adapting and thriving in an ever-evolving financial landscape,” PNB president Florido P. Casuela said.
These appointments are a significant step in aligning PNB’s leadership to better serve customers and stakeholders. They reinforce PNB’s commitment to achieving long-term objectives, ensuring sustained profitability under the guidance of a highly experienced and professional leadership team, the bank said.
Eusebio Tan previously served as managing partner and serves as senior counsel at ACCRA Law. His areas of expertise include banking, mergers and acquisitions, investments, business law among others. He served as president of the Management Association of the Philippines, the Financial Executives of the Philippines (FINEX) and as chairman of the Philippines-Japan Economic Cooperation Committee where he sits as a member of its board of advisers.
He obtained his economics degree, summa cum laude, from the De La Salle University in 1971 and was awarded the General Excellence Gold Medal and the Dr. Jose Rizal Honors Society ring.
He obtained his Bachelor of Laws degree from the Ateneo de Manila University School of Law in 1975 and awarded the Second Honors Silver Medal. He obtained his Master of Laws degree from Columbia University School of Law in the U.S.
Luy, meanwhile, has been board advisor since 2020 and previously served as chief strategy officer and head of its wealth management group. He has extensive international leadership experience serving as managing director for several global banks and was based in New York, Singapore, and Manila. He held senior leadership roles at JPMorgan, Bank of America Merrill Lynch, Barclays Capital, HSBC, Julius Baer, Bank of Singapore, RCBC and PNB. In addition to serving PNB, he serves on the board of various corporations including LT Group Inc., Tanduay Distillers Inc., Eton Properties Philippines Inc.
He obtained his MBA (Masters of Management) from the J. L. Kellogg Graduate School of Management. He garnered a B.S. Business Administration degree from the University of the Philippines, magna cum laude.
