PNB to name ex-Citibanker as new president

MANILA, Philippines — Lucio Tan’s Philippine National Bank (PNB) is expected to name ex-Citibanker and former Union Bank of the Philippines chief Edwin Bautista as its new president following a special board meeting today.

Sources told The STAR that PNB’s board of directors would hold a special board meeting today to approve Bautista’s appointment.

Bautista will succeed Florido Casuela, who took the helm of the listed bank in 2022 following the appointment of then PNB president Jose Arnulfo “Wick” Veloso as president and general manager of the Government Service Insurance System.

Prior to joining PNB, Bautista was with UnionBank, where his 27-year career contributed to the bank’s transformation into a leading digitalized financial institution and one of the country’s leading retail lending-focused banks.

Bautista previously served as senior brand manager at Procter and Gamble, served as marketing and sales director for the Philippines and Guam at American Express International, and vice president and group head of transaction banking at Citibank.

Sources said others considered for the post included Citi Philippines CEO and country head Paul Favila, Rizal Commercial Banking Corp. president and CEO Eugene Acevedo, former UnionBank president Victor Valdepeñas and PNB executive vice president and head of global banking and markets Dondi Baltazar.

Meanwhile, 83-year-old veteran banker Casuela will remain on the PNB board as a board adviser.

The lender aims to strengthen its digital transformation and retail lending initiatives, two areas where PNB is lagging behind its competitors, insiders said.

PNB, which has focused on corporate lending, has been implementing a strategic transition to infuse fresh perspectives into its leadership.

The shift began in 2021 with the appointment of Lucio Tan III to the board, followed by his designation as vice chairman in 2024. Tan is the grandson of Lucio Tan, the bank’s chairman emeritus.

Aside from the appointment of Bautista, PNB is also expected to announce new members to its board.

Recently, the bank nominated Cesar Villanueva, former dean of the Ateneo de Manila Law School, to succeed 95-year-old Estelito Mendoza, who has served as a legal adviser to Tan for decades.

Additionally, PNB is appointing two new independent directors: Judith Lopez, former chairman of Price Waterhouse Philippines/Isla Lipana & Co. and Marcia Uy, former treasurer of Rio Tinto and Pilipinas Shell.

They will replace 75-year-old Felix Enrico Alfiler, a former Bangko Sentral ng Pilipinas Assistant Governor and 91-year-old Domingo Yap, former president of the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc.