Equitable PCI Bank head vows transparency, better service

New Equitable PCI Bank chairman Antonio L. Go vowed Saturday night to put customer service and transparency at the top of his list of priorities as the bank moves to recover from the jueteng scandal that led to its near collapse.

In a dinner he hosted for a select group of journalists at the Hotel Intercontinental in Makati City, the soft-spoken Go emphasized that he is not gunning to be number one but simply to ensure Equitable PCI Bank becomes "the best bank to do business with."

"We will provide service to the customer the best way we can," he said. "Being number one is not necessarily the only standard of success. The customers – the depositors – are the ones who have supported us all these years and the standard for success we will set is based on how we can serve them best."

Go added that the bank would also focus on providing services to small and medium enterprises (SMEs). He pointed out that aside from providing the bank with a diversified and stable loan portfolio, SMEs have played a big role in the growth of the economy.

"We want to do our share of development in the country," he said.

Equitable PCI Bank is one of the country’s top three banks among 45 commercial banks in the Philippine banking system, a position that was imperiled when it figured in the impeachment proceedings against former President Joseph Estrada as the financial vehicle for the questionable transactions under the infamous "Jose Velarde" account.

The scandal rocked not only Equitable PCI Bank but also the entire banking system with issues ranging from the propriety of transactions to the sanctity of the bank secrecy law.

Go stressed that Equitable PCI will be transparent in its operations as part of its trust-building reforms for its customers as well as for the banking community. "We will be as transparent as we can without revealing confidentiality," Go said. "We have to be open in our operations and the areas that are not covered by the Bank Secrecy Law. It doesn’t make sense to hide anything."

Go also expressed his belief that additional capital infusion may not be needed in the effort to put the bank back on the right track. He pointed out that they have been able to start payments on the P30 billion emergency advance made by the Banko Sentral ng Pilipinas and to rebuild depositor confidence.

"I don’t see any compelling reason for it," Go said when asked about capital infusion as among the moves for reform. "But it depends on the new management. Whatever is eventually decided, we will be very transparent. That’s our commitment."

As of December 2000, Equitable PCI recorded P280.3 billion in total resources with a capital base of P44.9 billion, total deposits of P156.6 billion and net loans of P131.9 billion. It has more than 1.9 million depositors served by 489 branches, 25 overseas offices and 432 ATMs nationwide.

Go, who described his work hours as "whenever my eyes are open," is noted for his accomplishments in founding Equitable CardNetwork and, as its president, steering it to leadership position in credit cards in the country. He is also chairman of Visa International Asia Pacific Region and also sits as director of the credit card giant’s main operation, Visa International.

"The bank gives me additional work," he said. "But my continued exposure to Visa will help the bank in the end because it keeps me updated and informed on the latest trends from banks all over the world. I cannot claim to know everything," Go admitted.

On June 1, 2001, the bank’s new president and CEO, Deogracias N. Vistan, will officially join Go. Vistan is well respected in the banking industry and among clients for his sterling leadership and solid track record as a professional banker. His experience includes being vice chairman of Metrobank and president of Solidbank and Land Bank of the Philippines. He was with Citibank for 18 years where he held various positions, including assignments as ASEAN desk officer in New York, head of the corporate group, and senior country operations officer. He also served as president of the Bankers Association of the Philippines.

"Deposits have been encouraging since the announcement of Vistan’s appointment," Go said.

Other members of the Equitable PCI Bank board of directors are: John C.B. Go,. Vitaliano N. Nañagas II and Ferdinand Martin G. Romuladez as vice chairmen; Rizaldy T. Capulong, Anthony F. Conway, Winston F. Garcia, Frank L. Go, Genevieve W.J. Go., Peter Go Pailian, Ricardo C. Leong, Roberto S. Malonzo, Edgar B. Solilapsi, Horacio T. Templo, and Wilfrido V. Vergara sa directors.

As a top-tier diversified financial services provider, Equitable PCI Bank offers a host of services in addition to commercial banking, including investment banking, leasing and finance, credit card, insurance, healthcare, stock brokerage, thrift banking and real estate development and management.

In its 50-year history, Equitable PCI Bank has scored many banking "firsts". It was the first commercial bank to be licensed by the post-war Central Bank of the Philippines; the first Philippine bank to set up a foreign branch; the first to set up a unit fully dedicated to serving the remittance needs of OCWs; the first to offer a local ATM card accepted globally through tie-ups with Cirrus and Maestro; the first to set up moneyshops; the first to introduce Saturday banking; one of the first banks to become both a universal and an international bank; and one of the first banks to go into specialized lending and export financing.

Its strong financial performance has earned for the bank various local and international citations as "Best Domestic Bank in the Philippines" in the Annual Awards of Excellence by Euromoney, a leading worldwide publication covering the banking and finance industry; as "Bank of the Year" in annual Bank of the Year Awards by The Banker, the trade magazine of the international banking industry of the prestigious Financial Times Group of London; and as "Best Bank in the Philippines" by Asiamoney, one of the region’s leading financial publications.