Moncupa to step down as EastWest Bank president
EAST WEST Banking Corp. (EastWest Bank) has appointed an executive from another local bank as its new president and deputy chief executive officer (CEO), with its current chief Antonio C. Moncupa, Jr. to be the Gotianun-led bank’s vice-chairman.
In a regulatory filing to the Philippine Stock Exchange on Thursday, EastWest Bank announced that its board of directors approved the appointment of Union Bank of the Philippines ( UnionBank) Senior Executive Vice-President, Chief Financial Officer and Treasurer Jesus Roberto S. Reyes as the Gotianunled bank’s new president and deputy CEO, replacing Mr. Moncupa, who was appointed as vice chairman of the board. Both appointments take effect on May 1.
“It is the duty of the board to do the best for all stakeholders,” Mr. Moncupa was quoted as saying in a statement.
He added that the “strengthening” of the executive team of the bank forms part of the lender’s “forward looking vision” to meet “the challenges of an increasing competitive landscape.”
“In its efforts to sustain its robust growth and double its total resources in the next few years, EW continues to look for opportunities to improve and enhance its work processes and further broaden and deepen its executive bench,” EastWest Bank said in a disclosure to the local bourse yesterday. EW is the lender’s ticker symbol.
Mr. Moncupa is reported to be one of the possible contenders for the next central bank governor as outgoing Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr.’s 12-year run as BSP chief will end on July 2.
President Rodrigo R. Duterte’s political party PDP- Laban has endorsed Mr. Moncupa as their bet for the prime post.
Mr. Tetangco, however, had reiterated that he would prefer an “insider” successor to ensure smooth transition for the monetary authority.
In a separate statement emailed to reporters yesterday, UnionBank announced that it has accepted the resignation of Mr. Reyes effective April 30.
Raquel P. Palang, formerly UnionBank’s deputy treasurer, was appointed as the bank’s acting treasurer effective yesterday.
“We are happy and honored that one of our senior leaders is set to become president of a major Philippine bank. This bank has shown steady growth and I believe that Bobby can continue this trajectory, especially with the experience and skills that he has honed. We wish him success in this new endeavor,” UnionBank President and Chief Operating Officer Edwin R. Bautista was quoted as saying in a statement.
Shares in EastWest Bank lost 20 centavos or 0.97% to close at P20.50 apiece on Thursday, while UnionBank shares gave up five centavos to finish at P79.65 each. •