The Gotianun-led East West Banking Corp. (EastWest Bank) will have new top management including its first female chief when veteran banker, Antonio C. Moncupa Jr., bows out of his president and CEO positions by end June and on Dec. 31., respectively.
The bank’s board has appointed Jerry G. Ngo as CEO starting on Jan. 1, 2023 while the new president, Jacqueline S. Fernandez, will assume her new role earlier, on July 1.
EastWest Bank said Moncupa, who has lead the bank for 16 years, will remain as vice chairman of the board.
“We are pleased to announce these top management developments as we look forward to EastWest becoming an even more relevant participant in the Philippine banking industry. With the proven track record of Mr. Ngo and Ms. Fernandez, we are confident that they can guide and build further on our successes in delivering an even better customer experience, as we continue to accelerate our digital transformation programs,” said EastWest Bank chairman, Jonathan T. Gotianun.
Gotianun added: “We thank Mr. Moncupa for his leadership that brought the bank to where it is now. While we understand his desire to relinquish his executive role and give some time for his other interests, we look forward to continuously hear his insights in the board of directors.”
Moncupa is currently the president of the Bankers Association of the Philippines.
Ngo, a former Citibanker, is currently serving as strategy consultant for Filinvest Development Corporation, the parent company of EastWest Bank.
Fernandez is the bank’s senior executive vice president and chief lending officer.
Based on its press release, the bank said Ngo has served as group chief finance officer and independent Board director of Saratoga Investama Sedaya, one of Indonesia’s earliest and largest investment holding companies with a current market capitalization of $3 billion. He was also the institutional banking head and executive director for ANZ Bank Indonesia, and served as Managing Director for Vietnam, Laos, and Cambodia at Standard Chartered Bank.
Ngo got his MBA from the University of Chicago-Booth School of Business and completed the Advanced Management Program at Harvard Business School. He received his Master of Management from the University of San Jose-Recoletos in Cebu City.
As for Fernandez, the bank said she was “a key figure in steering EW (EastWest) to become a major force in consumer lending for the past 16 years.”
Fernandez is instrumental for EastWest Bank’s strong auto and personal loans business as well as the credit card business. The Gotianun-led bank is the industry’s sixth biggest credit card issuers.
In 2020, at the height of the pandemic, the bank said Fernandez led the consolidation of its lending activities, including corporate lending.
Fernandez joined EastWest Bank in 2006. She previously worked for Standard Chartered Bank and Far East Bank and Trust Company. She finished her Economics Degree, cum laude, from the University of the Philippines in Diliman where she also earned her MBA, said the bank.