PHILIPPINE National Bank (PNB) on Thursday said its board of directors has approved the appointment of Edgar A. Cua as the lender’s new chairman and Florido P. Casuela as its new president effective April 25.

Mr. Cua served as PNB director for seven years since May 2016 and held various positions at the Asian Development Bank (ADB) for 30 years, PNB said in a statement.

PNB said he completed his Bachelor of Arts in Economics (Honors) at the Ateneo de Manila University and obtained his Master of Arts in Economics and his Master of Planning in Urban and Regional Environment from the University of Southern California.

Meanwhile, Mr. Casuela was designated as the bank’s acting president on July 5 last year after its former president and current Government Service Insurance System (GSIS) President Jose Arnulfo “Wick” A. Veloso left his post.

He is the current chairman of PNB Securities, Inc. and is a director at Allianz PNB Life Insurance, Inc., PNB International Investments Corp, PNB RCI Holdings Co., Ltd., and Bancnet, Inc.

Prior to joining PNB, Mr. Casuela served as president of Land Bank of the Philippines and Maybank Philippines, Inc. 

PNB said he is a certified public accountant and got a Bachelor of Science degree in Business Administration, major in Accounting, and a Master’s degree in Business Administration from the University of the Philippines.

Meanwhile, the bank also appointed former Bangko Sentral ng Pilipinas Deputy Governor Maria Almasara Cyd N. Tuaño-Amador as a director.

PNB saw its attributable net income decline by 63.55% year on year to P11.53 billion in 2022 due to the absence of one-time gains realized the previous year.

The bank’s shares dropped by 8 centavos or 0.43% to close at P18.32 each on Thursday. — AMCS