Veloso steps down as PNB President, Bank appoints Officer-in-Charge

5 July 2022 — Philippine National Bank (PSE: PNB) has announced that Jose Arnulfo “Wick” A. Veloso is stepping down from his post as Bank President effective noon of July 5, 2022. This announcement comes on the heels of his appointment as President and General Manager of the Government Service Insurance System (GSIS) by Philippine President Ferdinand R. Marcos, Jr.

The Lucio Tan-led Bank also disclosed that it has appointed PNB Director Florido P. Casuela as Acting President of PNB as the Bank searches for a new chief executive. He will assume office effective July 5, 2022.

“PNB is poised to start a new chapter in our history and it is a very opportune time as the Philippines is also starting a new journey as a nation under a new administration,” says PNB Chairman Federico C. Pascual. “Over the recent years, PNB has been preparing itself for long-term, sustainable growth, and this includes getting ready to do our part in nation-building.”

Casuela joined PNB in 2006 as Director. He is currently the Chairman of PNB Securities, Inc. and Casuela Equity Ventures, Inc. He is also a Director of PNB International Investments Corporation; PNB RCI Holdings Co., Ltd.; and Surigao Micro Credit Corporation. He is a Senior Consultant of the Bank of Makati, Inc. Prior to PNB, he served as President of the Land Bank of the Philippines and of Maybank Philippines, Inc. He is a Certified Public Accountant. He obtained both his Bachelor of Science degree in Business Administration, major in Accounting and his Master’s degree in Business Administration, from the University of the Philippines.

Pascual said, “As we start this new chapter, we thank Mr. Veloso for his invaluable contributions to PNB. His strategy-focused leadership paved the way for PNB to achieve significant milestones and allowed the bank to carry its mission through the pandemic.”

Veloso assumed the PNB presidency on November 15, 2018. Prior to PNB, he held the distinction of being the first Filipino CEO for HSBC Philippines. Veloso’s extensive banking and capital markets experience spans over 30 years. Apart from being the Bank’s CEO, he also held several directorships within the Lucio Tan Group.

As PNB President and CEO, Veloso’s main challenge was leading the bank through the COVID-19 pandemic and ensuring continued service to customers. At the height of the pandemic, the bank beefed up its online banking services by introducing online account opening, offering mobile banking transactions, and enhancing its digital banking app.

PNB’s proactive stance and continued banking service during the pandemic earned it an award from The Asian Banker as “Best Managed Bank” and “Best CEO” in October 2020. In 2022, the bank was recognized by Asiamoney as the “Best Bank for Investment Research in the Philippines” for the second consecutive year in its Private Banking Awards.

Likewise, it was under Veloso’s leadership when the Bank solidified its sustainability vision and roadmap, focusing on sustainable financing and profitability. Two years after the pandemic broke out, PNB posted 57% year-on-year growth in its net income for the first quarter of 2022 – a good indicator that the profit-making potential of PNB’s businesses continues to improve as the overall economy improves.

Among Philippine banks, PNB is currently at No. 5 in terms of assets, with consolidated resources at Php1.1 trillion as of end-March 2022. The Bank also maintained its position as the Philippine bank with the largest global footprint, serving the financial needs of Filipinos abroad.

Pascual said that the smooth transition of leadership shows PNB’s commitment to continuously transform itself as a responsive and dependable financial partner of the Filipino. “The PNB Board of Directors is confident that Mr. Casuela has the depth of experience and ability to sustain PNB’s momentum and bring it to new levels of growth. We shall continue to create more value for our customers, shareholders, employees, and business partners. PNB will continue to be a reliable partner of the national government in rebuilding our nation.”

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