Veloso to replace Maclang as PNB president

LUCIO Tan- led Philippine National Bank ( PNB) an its board had named former HSBC Philippines president and chief executive officer Jose Arnulfo “Wick” Veloso as the bank’s new president November this year.

This comes after the board of directors approved the retirement of Reynaldo Maclang as the director, president and chief executive officer of PNB effective this year, PNB said in a disclo

“As we welcome our new chief executive, we also thank Mr. Maclang for his untiring service to PNB. We recognize his invaluable contributions. His leadership paved the way for PNB to achieve significant milestones,” PNB Chairman

The bank also lauded Maclang for his dedication for over 40 years to Allied Banking Corp., PNB, and the Lucio Tan Group.

“Under the guidance of Maclang, PNB experienced sustained growth in its profitability. In its 2018 half- year report, the bank registered a consolidated net income of P5.4 billion — double the earnings of P2.7 billion for the same period in the previous year,” it continued.

After his retirement, Maclang will assume the role of board advisor, PNB said.

Tarriela said the appoint commitment to rise to the challenges brought about by emerging technologies, nonconventional competitors, and fast- evolving market needs. PNB noted that Veloso holds - pines, with extensive banking and capital markets experience.

PNB also said that its board has approved the issuance of P20 billion worth of pesodenominated bonds in one or more tranches. No further details were given.