He said the bank’s better than expected performance in the first half and recent developments in its ownership structure are expected to sustain its growth targets.
"We posted a solid performance in the first half. I am optimistic about our prospects for the year. More than halfway into it, I am pleased to say that my optimism is being justified by the continuing improvement in our financial. Our key financial targets and operating objectives are being met and the major strides we have taken in our reorganization program for sustained growth continue to bear fruit," said Buenaventura.
EPCI Bank, the country’s third largest lender, registered a positive 67-percent growth in profits in the first half of the year. It posted a 2004 net income growth rate of almost 40 percent from P1.3 billion to P1.8 billion, which is the highest income registered by the bank for the past six years.
"With the recent entry of the SM and Sy family group, the bank expects to reap benefits from the potential synergies which can be derived through working relationships with the said group. The massive market reach of SM in particular will complement our bank’s thrust in the retail banking and consumer finance sector, which has been a major initiative that management has been relentless pursuing in the past several years," Buenaventura said.
"We expect this development in ownership to further ensure our competitiveness. It is also a testament to the bank’s solid financial performance," he added.
Equitable PCI Bank has grown from strength to strength. It maintains a strong presence in the commercial banking sector, which is largely composed of companies owned and managed by Filipino-Chinese businessmen. It is the country’s leading payment and credit card issuer, considered a pioneer in the local credit card industry. A major player in corporate banking, remittances, leasing, and investment banking, EPCI Bank has over 400 branches and over 500 FASTeller ATMs nationwide, with access to 4,000 BancNet, MegaLink, and ExpressNet ATMs.
Buenaventura credits the bank’s tremendous achievements to the culture of performance that EPCI Bankers are known for. "I’m very proud and confident of the strides both staff and management have achieved this year. I know for certain with the bank’s culture of dedication, commitment, teamwork, and most importantly performance, we will certainly meet and may even exceed our targets this year," he said.
Josefina N. Tan, another member of the board of BdO, also submitted her resignation from the BdO board of directors at last Saturday’s board meeting. This is in anticipation of her appointment as EPCI director to replace Harley T. Sy. Tan is a professional banker, who brings with her years of experience in the local banking scene. She is expected to contribute significantly to the EPCI board. Other members of the board are Vicente L. Panlilio and former BdO president Exequiel P. Villacorta.
The entry of four board representatives from the BdO and SM Group into the EPCI board of directors is an affirmation of the SM Group’s confidence in EPCI as a leading financial institution and its potential to be the dominant player in the industry.
BdO and the SM Group recently acquired a 25-percent stake in EPCI through its acquisition of the Go family’s shareholdings, and 10-percent stake in the card company. The acquisition will make BdO a major shareholder in EPCI, and is consistent with its long-term goal of becoming a major player in the Philippine banking industry.