Cuna named PSBank prexy

MANILA, Philippines - Philippine Savings Bank (PSBank), the thrift unit of the Metrobank Group, has appointed Vicente Cuna Jr. as its new president following the retirement of Pascual M. Garcia III effective today.

Garcia, however, will take on another position within the Metrobank Group, consistent with its policy on cross-posting.

The turnover to Cuna, who is currently Metrobank senior executive vice president, would be held in an organizational meeting, after the bank’s annual stockholders’ meeting today.

Garcia, PSBank president since 2001, has been instrumental in rallying the bank to become one of the key players in the consumer banking market.

With his vision and leadership, the bank has become the second-largest savings bank in the country.

With Garcia’s departure, PSBank said the operation of the bank would be turned over to the equally capable hands of Cuna.

Cuna has been privy to the strengths of the bank as its former vice chairman and director from 2009 to 2011.

He previously served as the head of institutional and corporate banking at Metrobank.

He was chairman of Metro Remittance (Canada) Inc. He also held the position of adviser of Metrobank and Philippine Charter Insurance Corp., and director at SMBC Metro Investment Corp.

Cuna held previous positions in Citibank Manila, Citibank New York and JP Morgan New York.