The Philippine National Bank announced Thursday the appointment of Eugene S. Acevedo as  President and Chief Executive Officer, replacing Byron T. Mier who will stay on as director of the bank.

Acevedo assumed his position on the annual stockholders’ meeting May 25, 2010, and also the end of the current term of Mier.

Acevedo brings with him 23 years of solid banking experience focused on treasury operations at Citibank. He is currently connected with Citigroup as Managing Director and Head of Global Markets, Hong Kong and Taiwan Cluster; Country Treasurer, Hong Kong and Macau; Treasurer, Citicorp International Limited; and Chairman, Markets Asia Recruitment Committee.

Mier will be nominated as a director of PNB during the forthcoming annual stockholders’ meeting in May. He will continue to be PNB’s representative to the board of Victorias Milling Corp., the first successful bank-led rehabilitation of a company under the receivership of the Securities and Exchange Commission.

With the beginning of a new decade this 2010, PNB is embarking on a new and ambitious five-year plan aimed at delivering sustained and enhanced value to its shareholders. At the core of this new strategy is to explore new avenues of revenue generation principally in the areas of treasury operations and investment banking. This is intended to boost its traditional sources of revenues which are loan operations, retail banking and remittance. Using this business model, the PNB looks forward to generating significantly higher return on equity in the range of 18-20 percent.

Management said that PNB’s forthcoming merger with Allied Banking Corporation likewise signals a new phase and a new set of opportunities such as revenue and cost synergies, market expansion and wider domestic and international footprint that are expected to significantly enhance the bank’s financial prospects.

It also said that President & CEO Omar Byron T. Mier, who has successfully turned around the bank since he assumed his post in 2005, will relinquish the presidency at the end of his term after the annual stockholders’ meeting on May 25, 2010.

“PNB is grateful for President Mier’s competent leadership which enabled the Bank to successfully complete its rehabilitation program in 2007.”

From 2003 up to 2009, PNB has achieved significant strides in reducing its non-performing loans, fortifying its core businesses, and improving profitability.

With the strong foundation set in place, PNB is thus well positioned to explore new territories that will provide additional sources of income and growth. As a whole, this new business tack is envisioned to enable PNB to further strengthen its franchise as one of the most stable and well entrenched banks in the Philippines serving a broad segment of customers, both here and overseas.