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Manila Bulletin devider Business devider Banking & Finance devider Fernando Zobel de Ayala is back as BPI director

Fernando Zobel de Ayala is back as BPI director

Published Sep 21, 2023 03:31 am

Ayala-led Bank of the Philippine Islands (BPI) on Thursday, Sept. 21, announced that Fernando Zobel de Ayala is returning to its fold after being elected as a Director of the Board to replace Romeo L. Bernando, who was appointed to the central bank’s Monetary Board.

Zobel previously served as BPI's vice-chairman from April 2013 to September 2022. He was first elected to BPI's board in October 1994.

In September last year, Zobel resigned from Ayala Corp. as board vice chairman as well as its president and CEO. The company cited health reasons for the resignation.

His brother, BPI Chairman Jaime Augusto Zobel de Ayala, said he is "glad" to have him back to the bank's board. 

"Fernando has played a crucial role in the Bank's history and transformation throughout his almost three-decade tenure as non-executive director of BPI's Board,” he added.

BPI logo.jpeg

Zobel’s appointment to the BPI board will still need approval from the Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas (BSP).

In a statement Thursday, the country’s third biggest bank said that Zobel was also appointed as Executive Committee and Personnel and Compensation Committee member.

With his election to BPI's board of directors, Zobel will exit its Advisory Council. As of end-June 2022, the Ayala conglomerate controls 48.5 percent of BPI.

In the first six months of 2023, BPI reported a net income of P25.1 billion, up 23 percent year-on-year. The bank said its strong financial performance was driven by asset base expansion, margin growth, and lower provisions.

For the second quarter of the year, the bank posted a net income of P13 billion, up 4.5 percent year-on-year.

Meanwhile Bernardo, a long Ayala affiliate board member, was appointed to the Monetary Board last August and he took his oath of office on Sept. 15, 2023. He will serve a term of six years. He was a former finance undersecretary.

The current BSP governor, Eli M. Remolona Jr., was also a former BPI director.

 

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