MANILA --  China Banking Corp. on Thursday announced the approval by its Board of Directors the election of William C. Whang as the bank’s president in lieu of Ricardo R. Chua, who will retire on October 31, 2017.

In a disclosure with the Philippine Stock Exchange (PSE), the bank said Whang, who is currently the bank’s Executive Vice President and Chief Operating Officer, will also be given the position of Director, same as the position to be vacated by Chua.

Chua is also the current Chief Executive Officer (CEO) of Chinabank.

The disclosure said the bank’s Board of Directors’ decision is “subject to the confirmation of the (Bangko Sentral ng Pilipinas’) Monetary Board.”

It said Chua has served Chinabank for 42 years now “as Chief Operating Officer from 1995 to 2014, and as Chief Executive Officer since 2014.”

“In recognition of his excellent service to the Bank, and to enable the Bank to continue to benefit from his insights and counsel, the Board approved the appointment/election of Mr. Chua as Advisor to the Board effective 01 November 2017,” it said.

The disclosure added that the bank’s Board of Directors also approved the appointment of Romeo D. Uyan, Jr., who is currently an Executive Vice President, as Chief Operating Officer starting November 1 this year. (PNA)