Philippine National Bank (PNB) president Reynaldo A. Maclang will retire from his post mid-November, to be replaced by a bank executive from a global bank.
In a disclosure on Friday, the listed lender announced that its board of directors has approved the retirement of Mr. Maclang as bank president, chief executive officer (CEO) and director effective Nov. 15. However, he will continue to serve as board advisor.
In turn, PNB has also confirmed that Jose Arnulfo “Wick” A. Veloso will replace Mr. Maclang by Nov. 16, as approved by the bank’s board on the same meeting.
Mr. Veloso announced his resignation as president and CEO of the Hong Kong and Shanghai Banking Corp. (HSBC) Philippines last Monday. The London-based bank said it will announce who their next top official will be “in due course.”
Sources have flagged Mr. Veloso’s transfer but PNB only made the announcement after the board gave its formal approval Friday morning.
Mr. Veloso has been HSBC’s bank president since December 2012, and was the first Filipino to be take the post. He is also vice chair of the Open Market Committee of the Bankers Association of the Philippines.– Melissa Luz T. Lopez