banks in the Philippines

Lucio Tan steps down as PNB director but remains as chairman emeritus

Lance Spencer Yu

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Lucio Tan steps down as PNB director but remains as chairman emeritus

TAN. This photo taken on May 11, 2016, shows Filipino-Chinese tycoon and owner of flag carrier Philippine Airlines Lucio Tan arriving in Davao City, on the southern island of Mindanao to meet Philippines' president-elect Rodrigo Duterte.


The move comes as the Tan family seems to be readying the next generation of leaders to take over their sprawling group of companies

MANILA, Philippines – Tycoon Lucio Tan may have left his role as director of the Philippine National Bank (PNB), but he will stay on as the newly-named chairman emeritus – all in a move to show that the Tan family is still very much in control of their business empire.

The 89-year old billionaire served as a director of PNB for more than 20 years, overseeing the PNB-Allied Bank merger in 2013. His wife Carmen Tan has also stepped down as director and now joins PNB’s advisory board.

But both, the bank announced, will “continue to be actively involved in the Bank.”

“As I assume the role of Chairman Emeritus, I would like to personally assure our customers, shareholders, investors, and employees that the Tan family will also continue to be a major shareholder of PNB. We remain strongly committed to support the Bank and its future,” Lucio Tan said in a press release.

PNB is the banking arm of the Lucio Tan (LT) Group, which includes Philippine Airlines, Eton Properties, Tanduay Distillers, and other companies.

Management shifts have been happening across the LT Group, paving the way for the next generation to take the reins of the family empire. Earlier in May, Lucio “Hun Hun” Tan III, the elder Tan’s grandson, was appointed president of PAL Holdings Incorporated and president of the LT Group as a whole. He also holds director positions in the group’s other companies, including PNB. His brother, Kyle Tan, also sits as president of Eton Properties. (READ: Who is Lucio ‘Hun Hun’ Tan III, heir apparent to Lucio Tan?)

Meanwhile, Eusebio Tan and Chester Luy were appointed as board directors, taking the place of the Tan couple. Eusebio Tan previously served as the managing director of law firm ACCRALAW and president of the Management Association of the Philippines. Chester Luy was a member of PNB’s board of advisors and acted as the bank’s chief strategy officer and head of wealth management group. –

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Lance Spencer Yu

Lance Spencer Yu is a multimedia reporter who covers the transportation, tourism, infrastructure, finance, agriculture, and corporate sectors, as well as macroeconomic issues.