Moncupa named EastWest president anew

MANILA, Philippines — Gotianun-led East West Banking Corp. has named vice chairman and chief executive officer Antonio Moncupa Jr. as its president anew effective Jan. 1 with the retirement of Jesus Roberto Reyes.

Reyes, who took the helm at the country’s 11th largest lender in terms of assets, is retiring as president and deputy CEO effective Dec. 31.

Moncupa stepped down as president of EastWest in March 2017 as he was one of the frontrunners to replace former Bangko Sentral ng Pilipinas (BSP) governor Amando Tetangco Jr.

However, the late Nestor Espenilla Jr., another central banker, was named new BSP chief after the unprecedented two six-year terms served by Tetangco.

Moncupa has steered EastWest Bank to become one of the biggest banks in the country since taking over in January 2007 until 2017.

He has a double degree in Economics and Accounting from the De La Salle University and a Masters in Business Administration from the University of Chicago.

Before joining EastWest, Moncupa was executive vice president and chief finance officer of the International Exchange Bank.

Moncupa earlier said the Gotianun-led bank has yet to realize its full potential from past investments.

“We are on track to have our most profitable year. We are grateful for the continued support of our customers and the hard work of EWbankers. With their backing, we are confident that EastWest will continue to grow and maintain its position among the most profitable banks in the industry,” he added.

Earnings of EastWest jumped by 43 percent to P4.6 billion from January to September this year due to higher fees, improving margins, higher trading gains, and lower credit costs.

The bank booked a double-digit 11 percent rise in revenues to P21 billion during the nine-month period from a year-ago level of P18.9 billion.