Montinola named new BPI head

The Bank of the Philippine Islands (BPI) announced yesterday the election of Aurelio R. Montinola as the new president, to succeed Xavier P. Loinaz effective Jan. 1 next year.

Loinaz will remain as a member of the executive committee and a board director.

"This movement is in line with traditional retirement practices of BPI and forms part of the normal succession process," the bank said in a press statement.

The process is a continuation of what started last March when Jaime Augusto Zobel de Ayala was elected chairman, taking over his father Don Jaime Zobel de Ayala who resigned. Elected vice chairman was Jeanette Wong, who represents the 20-percent stake of the Development Bank of Singapore (DBS Bank) in BPI. Wong is concurrently the chief financial officer of the bank.

A little over a month later, Montinola relinquished his post as chief executive officer of BPI Family Savings Bank to Alfonso L. Salcedo Jr. who was then head of BPI’s insurance group and Ayala Life Assurance Inc. (Ayala Life).

The insurance group is composed of Ayala Plans, Ayala Health, BPI/MS (non-life isurance), Universal Reinsurance Corp., BPI Bancassurance, and Ayala Life.

To ensure continuity, BPI said Loinaz will continue to serve as director and member of the executive committee.

The incoming president brings with him over 20 years of experience in BPI. More recently, he has been the senior executive vice president and chief operating officer. As president of BPI Family Bank, he has been responsible for developing the consumer banking business, achieving for BPI the status of best Retail Bank in the country.