After PNB-Allied merger: Omar Mier named bank president

Rappler.com

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The newly merged banking units of tycoon Lucio Tan's business group announced new leaders

MANILA, Philippines – The newly merged banking units of tycoon Lucio Tan’s business group announced new leaders on Monday, February 11.

In a statement to the stock exchange, Philippine National Bank (PNB), the surviving entity in the much-anticipated merger with Tan-led Allied Bank, disclosed that it re-appointed Omar Byron T. Mier as the president of the consolidated entity.

Mier formally takes over the post from Carlos Pedrosa who had quit.

Pedrosa, 67, went on an “indefinite” sick leave in July 2012. Mier, who had served as president and CEO until May 2010 when someone else was appointed to succeed him, was holding the position on an acting capacity.

Mier was with Citibank N.A. (Manila and Malaysia) for over two decades, and joined the Lucio Tan group in 2005, serving as PNB vice chairman and was part of the board of Tan-led Eton Properties Philippines Inc. 

PNB also announced that it plans to amend its charter to hike authorized capital to P70 billion from P50 billion.

PNB board

PNB also announced an interim set of officers and board of directors who will serve until successors are elected and qualified.

They are:

  • Florencia G. Tarriela (independent), chairman
  • Omar Byron T. Mier, vice chair, president and CEO
  • Deogracias N. Vistan (independent)
  • Felix Enrico R. Alfiler (independent)
  • Florido P. Casuela
  • Anthony Q. Chua
  • Reynaldo A. Maclang 
  • Estelito P. Mendoza
  • Washington Z. Sycip
  • Harry C. Tan
  • Lucio C. Tan
  • Lucio K. Tan, Jr.
  • Michael G. Tan

Before the merger, the public owned 31.15% of PNB. This was whittled down to 18.99% after the merger with Allied Bank.

Plans

Previously, Mier shared to reporters plans to focus on consolidating, integrating and rationalizing operations of the merged bank. The merger took effect February 9.

Mier had also said that increasing the merged banks’ return on equity in the next 18 to 24 months will be pursued by enhancing revenues, cross sale, take advantage of more branches and more customers, and by also bringing down costs.

With the merger between Allied and PNB, Mier said they will be the largest bank with international footprint in the country, which would also be rationalized. “We will look in to areas where we are not making money and close those operations and then shift to other model or either tie up in cut costs, and improve revenues and technology.

The Securities and Exchange Commission, Philippine Deposit Insurance Corp. (PDIC) and the Bangko Sentral ng Pilipinas’s (BSP) have approved the merger, which was held back for years by legal issues over disputed shares in Allied Bank. – Rappler.com

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