Ramon Sy stays with iBank

International Exchange Bank president and chief executive officer Ramon Y. Sy doused speculations that he is leaving his bank to assume the top post of debt-strapped Philippine National Bank (PNB).

"There have been speculations over the past few days about the possibility of my joining the Philippine National Bank, I would like to lay all speculation to rest. I am staying at iBank," said Sy in a brief press statement yesterday.

Sy was earlier reported to have accepted government’s offer to serve as president of PNB.

But this could not be confirmed. Earlier, Philippine Deposit Insurance Corp. president Norberto Nazareno said the selection process for the presidency has not been finalized.

Had Sy accepted the post, he would have had the formidable task of bringing the debt-saddled PNB back into profitability and leading the long-delayed reverse privatization plan that would have government retaking over the bank as will as implementing its recovery plan.

As of the fourth quarter of 2001, PNB’s return on equity was at 48 percent, indicating the need for capital infusion and intensive rehabilitation.

The government and the group of Lucio Tan are expected to sign by Feb. 8, the memorandum of agreement (MOA) with the group of Tan to enable it to take majority control of PNB.

Outgoing PNB chairman and concurrent president and chief executive officer of the Philippine Deposit Insurance Corp. (PDIC) Norberto Naza-reno said that both parties are in the final stages of ironing out details of the MOA and auxillary agreements to be signed. – Rocel Felix