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BPI appoints TG Limcaoco as new president as of April 2021
Ian Nicolas Cigaral (Philstar.com) – December 16, 2020 – 6:49 pm
MANILA, Philippines – The Bank of the Philippine Islands, led by Ayala, has chosen a new leader who will guide the 169-year-old lender toward recovering from the coronavirus carnage.
In a statement Wednesday, BPI said its board of directors unanimously elected José Teodoro “TG” Limcaoco, current CFO of the bank’s parent company, Ayala Corp., as the company’s new president and CEO effective 22 April next year.
Limcaoco will replace Cezar “Bong” Consing, who has been in charge of the bank since 2013.
It will face the daunting task of propping up BPI to recovery amid the economic onslaught of the coronavirus pandemic. In the first 9 months, BPI reported a 22.1% year-on-year drop in net income to P17.17 billion, financial results showed.
Profits plunged after the bank increased its 9-month bad loan reserves by 4.6x compared to prior year levels to P21.06 billion as a defense against a wave of defaulted loans from borrowers hit by the pandemic. In the third quarter, sour credit held by BPI represented 2.98% of all its loan books, a rate higher than the 1.83% recorded in the previous 3 months.
“TG is an excellent choice to lead BPI,” Consing said of his successor. “He has been a banker for most of his career, and his strong technological bent and commitment to sustainability will be critical to the BIS of the future,” he added.
According to BPI, Consing will remain a director of the bank’s board even after his tenure as president and CEO. He joined the Ayala Corp. board of directors earlier this month.
“Bong’s foresight, strategy and follow-through over the past few years have helped build one of the strongest, tried and tested banks during this crisis,” said Limcaoco.
“I am excited to have the opportunity to lead BPI at a time of great opportunity and transformation in the industry,” he added.
For his part, Jaime Augusto Zobel de Ayala, president of the bank, said about Limcaoco: “His deep experience in banking and finance, innovation and digitization, risk management and ESG, as well as the solid alliances he has forged position us for success. ongoing. as the country and the world move from crisis to recovery. “
On Monday, BPI shares ended unchanged at P83 each.
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