Valdepeñas retiring; Bautista next chief executive

After 22 years and eight-term extensions, Union Bank of the Philippines (UnionBank) president and chief operating officer Victor B. Valdepeñas will finally be stepping down.

“But that will be at the end of the year, my term has still been extended (for the last time),” Valdepenas said after his last President’s Report at the bank’s annual stockholders meeting last week.

He is 68 years old having served as bank president for 18 of the total 22 years.

Justo A. Ortiz remains as bank chairman and chief executive officer.

Ortiz explained that when Valdepenas first became president, UnionBank reported an income of P200 million to P8.4 billion last year.

When Valdepenas actually steps down, Edwin R. Bautista will take over as president and COO from his present post as senior executive vice president for commercial and transaction banking.

Bautista has been a banker for the past 25 years, having worked with Citibank, iBank, as well as American Express and Procter and Gamble.

He is a product of De La Salle University and the Harvard Business School.

Erstwhile senior executive vice president for corporate banking Eugene S. Acevedo will remain as City Savings Bank chairman and retain the position of corporate and retail banking head of UnionBank.

Jesus Roberto S. Reyes will be chief finance officer and head for capital allocation from senior executive vice president and treasurer.

Mayo Jose B. Ongsingco has likewise stepped down as a member of the board of directors with his retirement as president and chief operating officer of Insular Life Assurance Co. Ltd. The life insurer has a substantial stake with UnionBank.

Mona Lisa B. dela Cruz replaces Ongsingco as Insular Life president and COO, as well as board member of the bank.