Omar Mier named PNB president and CEO
MANILA, Philippines - Tycoon Lucio Tan's Philippine National Bank, which has merged with Allied Bank, has named Omar Byron Mier as its president and CEO.
This after PNB president and CEO Carlos A. Pedrosa has officially resigned.
In a disclosure to the stock exchange, PNB said the 67-year-old Pedrosa resigned as director, president and CEO of the bank. He has been on indefinite sick leave after suffering a stroke last July 2012.
Mier, who has been acting president since Pedrosa's absence, was appointed as president, CEO and vice chairman. He has served as PNB president from 2005 to 2010.
Florencia G. Tarriela remains as chairman of PNB.
PNB also said it amended its articles of incorporation to increase its authorized capital stock to P70 billion, divided into 1.75 billion common shares with a par value of P40 per share.
PNB and Allied Bank merged on February 9, creating the country's fourth largest bank.
However, with PNB late last year confirming talks with the Bank of the Philippine Islands for another merger, the end result could give birth to the country's largest bank.