BPI acting vice chairman named, independent director steps down

Lawrence Agcaoili - The Philippine Star

MANILA, Philippines — Ayala-led Bank of the Philippines (BPI) has revamped its board of directors and committees as vice chairman Fernando Zobel de Ayala goes on medical leave and  an independent director steps down.

In a disclosure to the Philippine Stock Exchange (PSE), the bank said the medical leave of absence of Zobel as vice chairman has been approved.

Zobel also resigned as chairman of BPI’s personnel and compensation committee, vice chairman of the executive committee, and a member of the nominations committee. He will remain a member of the board of directors of BPI.

Former BPI president and CEO Cezar Consing, who is also a member of the bank’s board of directors, was named acting vice chairman while Zobel is on medical leave and appointed as vice chairman of the executive committee.

The country’s third largest private lender in terms of assets said Zobel’s replacement in the personnel and compensation committee, as well as nominations committee, will be appointed in due course.

Consing was also earlier named acting president, CEO, and member of the executive committee of conglomerate Ayala Corp., while Jaime Augusto Zobel de Ayala was also named acting chairman of property giant Ayala Land Inc.

Meanwhile, independent director Eli Remolona Jr. has stepped down as an independent director of BPI effective Aug. 17. The bank appointed BPI director Octavio Espiritu as interim chairman of the bank’s risk management committee.

Remolona has been an independent director of BPI since April 2019.

Earlier, BSP Governor Felipe Medalla Jr. told The STAR that President Marcos has signed the appointment papers of Remolona as a member of the central bank’s Monetary Board.

Remolona will serve the remaining term of Medalla, who now chairs the Monetary Board. Medalla was first appointed as Monetary Board member by the late president Benigno Aquino III in July 2011 and was reappointed to a second six-year term by former president Rodrigo Duterte on June 29, 2017.

Medalla said Remolona, who could still be reapppointed to a second six-year term, has resigned as professor of finance and director of central banking at the Asia School of Business in Malaysia.

Remolona also sits on the Council of Advisers of the Academy of Finance in Hong Kong and is a research associate of the Centre for Applied Macroeconomic Analysis (CAMA) at the Crawford School of the Australian National University.  He is also associate editor of the International Journal of Central Banking.

Remolona spent most his career in central banking, 14 years of it at the Federal Reserve Bank of New York and 19 years at the Bank for International Settlements in Basel and Hong Kong. 


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