PNB falls on report president Acevedo quits

by Coco Alcuaz, ANC

Posted at Jul 11 2011 05:40 PM | Updated as of Jul 12 2011 07:48 PM

MANILA, Philippines - Lucio Tan's Philippine National Bank (PNB) slumped 5% on Monday amid news reports that its president, Eugene Acevedo, resigned.

PNB fell the most in five months to P60.30.

The Philippine Daily Inquirer quoted Acevedo as saying he has been thinking of going into business for himself but declined to give details.

In a mobile phone message to ANC, Acevedo said nothing is official until a board discussion. In a statement, the bank also said it could not comment until a board discussion.

Acevedo's departure would come one year into what Inquirer said was a three-year contract.

He took over PNB in May last year after more than two decades at Citibank, which last posted him in Hong Kong, heading global markets for Hong Kong and Taiwan.

The Inquirer reported Acevedo would be replaced by board member Lito Pedrosa, formerly head of treasury at Metrobank.

The Inquirer also reported an unidentified source as saying Acevedo's position in the bank was weakened when backer Gloria Tan-Climaco stepped down as a director and left the Lucio Tan group earlier this year.

Tan has been trying to merge PNB, the nation's fifth largest bank by assets, with 14th largest Allied Bank, which he also controls.