MANILA, Philippines - Citigroup Executive Eugene S. Acevedo has been appointed the new president and chief executive of the Philippine National Bank (PNB), replacing Omar Byron Mier, who is retiring in June.

In a disclosure to the stock exchange yesterday, PNB, the country’s seventh largest bank in terms of assets, said Mr. Acevedo’s appointment was green-lighted by bank’s board during its meeting yesterday.

He would assume his new duties after PNB’s annual stockholders’ meeting on May 25, the bank said.

Mr. Acevedo served as Citigroup managing director and head of global markets, Hong Kong and Taiwan cluster, and Treasurer of Citigroup International Ltd.

He would oversee the merger of PNB and Allied Banking Corp. -- two banks controlled by tycoon Lucio Tan -- which is expected to create the country’s fourth largest bank.

Mr. Mier would remain a member of PNB’s board and would serve as the bank’s representative to the board of Victorias Milling Corp., which PNB helped rescue after it defaulted on its debts after the Asian crisis.