FERNANDO ZOBEL de Ayala was elected as a director of Bank of the Philippine Islands’ (BPI) board on Sept. 20, the lender said on Thursday.
Mr. Zobel will replace Romeo L. Bernardo, who resigned effective Sept. 12 after being appointed as a member of the Bangko Sentral ng Pilipinas’ (BSP) policy-setting Monetary Board (MB), BPI said in a statement.
His election to the board is still subject to confirmation by the MB. He will no longer be a member of the bank’s Advisory Council.
Mr. Zobel was likewise appointed as a member of the Executive Committee and Personnel and Compensation Committee, also replacing Mr. Bernardo.
“I am glad to welcome Fernando back to the board of BPI. 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,” BPI Chairman Jaime Augusto Zobel de Ayala said.
Fernando Zobel de Ayala previously served as BPI’s vice chairman from April 2013 to September 2022, and was first elected to BPI’s board in October 1994.
Last year, he resigned from his post and went on medical leave to focus on his health and recovery. He also stepped down from his positions in Ayala Corp.; Ayala Land, Inc. (ALI); ACEN Corp.; Globe Telecom, Inc.; Integrated Micro-Electronics, Inc.; and Manila Water Co. Inc.
In February, he rejoined ALI as advisor to the board.
BPI saw its net income rise by 4.5% year on year to P13 billion in the second quarter.
This brought its first half attributable net profit to P25.15 billion, higher by 23.02% year on year.
BPI’s shares closed unchanged at P107 apiece on Thursday. — AMCS