PNB appoints new president

Lucio Tan-owned Philippine National Bank has announced the appointment of Carlos Pedrosa, a seasoned banker, as its new president following the resignation of Eugene Acevedo. PNB told the Philippine Stock Exchange on Friday that its board of directors appointed Pedrosa to become the bank’s president effective August 1, 2011. The bank added that Acevedo resigned to "enable him to focus on several promising business endeavors that will require his immediate and hands-on participation." Pedrosa, according to PNB, is a "seasoned banker with over 30 years of banking experience." Pedrosa started his banking career in 1964 in a foreign bank in Barcelona, Spain where he was a foreign exchange trader and later the head of its Private Banking Department. After a four-year stint abroad, Pedrosa joined Metropolitan Bank and Trust Company where he rose from the ranks and assumed greater responsibilities as head of its various operations, particularly Domestic and International Banking Operations, Treasury, Credit, Domestic Subsidiaries and Overseas Branches, and Merchant Banking. From 1993 to 1997, Pedrosa was appointed as president and chief executive officer of Pilipinas Bank and went on to serve as director of the United Coconut Planters Bank from 2004 to 2006. At present, Pedrosa is also the chairman of the Settlement Committee and member of the Market Governance Board and Market Compliance Committee of the Philippine Dealing and Exchange Corp. Pedrosa has joined PNB in May 2011 as an independent director. Meanwhile, Deogracias Vistan, who was a former chairman of UCPB, was also elected as independent director to fill up the vacancy in the PNB Board. -- CMA/OMG, GMA News