Philippine National Bank (PSE: PNB) has announced that Reynaldo A. Maclang is retiring from his post as bank president effective November 15, 2018.

The Lucio Tan-led bank also disclosed that Maclang will be replaced by Jose Arnulfo “Wick” Veloso, former President and Chief Executive Officer of HSBC Philippines. He will assume office effective November 16, 2018.

“The Philippines is poised for long-term, sustainable economic growth and we at PNB are ready to do our part in nation-building,” says PNB Chairman Florencia G. Tarriela. “We shall draw strength from our legacy of stability and excellence as we face challenges brought about by emerging technologies, non-conventional competitors, and fast-evolving market needs. The appointment of Mr. Veloso signifies PNB’s commitment to rise to this challenge.”

Veloso holds the distinction of being the first Filipino CEO for HSBC Philippines. He also served as Chairman of the Board of HSBC Savings Bank (Philippines), Inc. and HSBC Insurance Brokers Philippines. He was also a Director and Entity Manager of HSBC Electronic Data Processing (Philippines), Inc.

Veloso’s extensive banking and capital markets experience spans over 30 years, 23 years of which were with HSBC. He joined HSBC in December 1994 as Head of Interest Rate Trading in the Philippines. In July 2000, he transferred to HSBC’s Asian headquarters in Hong Kong to take on dual roles: as Head of Asian Local Currency Debt Trading, then concurrently as Head of Credit Derivatives for Asia Pacific.

He returned to the Philippines in June 2003 to take charge of the country’s Treasury and Global Markets business. He was promotedin October 2010 to Managing Director and, in August 2012, was appointed Head of Global Banking and Markets. With him at the helm, the bank attainednumerous successful capital markets transactions and industry accolades.

Tarriela said, “As we welcome our new chief executive, we also thank Mr. Maclang for his untiring service to PNB. Werecognize his invaluable contributions. His leadership paved the way for PNB to achieve significant milestones.”

Maclang has dedicated over 40 years of his professional life to Allied Banking Corporation, PNB, and the Lucio Tan Group. This includes his stint as President of the former Allied Savings Bank and as President of parent bank, Allied Bank. He was later on appointed as PNB Director and eventually became PNB President. He likewise held several directorships within the LT Group.

One of Maclang’s major strategic initiatives as PNB President was to focus ongrowing the bank’s consumer loans business.He consolidated this in PNB Savings Bank (formerly Allied Savings Bank), which has since become a good profit contributor to its parent bank.

Under his leadership, PNB made a definitive stance to become a major player in the bancassurance business as it entered into an exclusive partnership with global insurance firm, Allianz SE. The new entity, Allianz-PNB Life Insurance, Inc., provides world-class financial solutions suited to clients’ financial security needs.

Maclang led the centennial celebration of the Bank. To mark this milestone, the Bank embarked on an extensive rebranding campaign and introduced a refreshed brand promise, “You First”. This move signified PNB’s transformational efforts to become a more customer-focused organization.

Under the guidance of Maclang, PNB experienced sustained growth in its profitability. In its 2018 half-year report, the bank registered a consolidated net income of P5.4 billion – double the earnings of P2.7 billion for the same period in the previous year. Among Philippine banks, PNB is currently at No. 5 in terms of assets, with consolidated resources at P876.2 billion. The bank also maintained its position as the local bank with the largest global footprint, serving the financial needs of Filipinos abroad.

As he retires as bank president, Maclang will assume the role of a Board Advisor.

Tarriela said that the change in leadership manifests PNB’s determination to continuously transform itself as a responsive and dynamic financial partner of the Filipino. “The Board is confident that incoming President Wick Veloso has the depth of experience and capabilities to bring PNB 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 the bank that Filipinos can lean on.”