Buenaventura resigns from EPCIB ahead of BDO merger

Rene J. Buenaventura has resigned as president and chief executive officer of Equitable PCI Bank (EPCIB) ahead of the formal takeover of the SM Group and Banco de Oro Universal Bank (BDO).

Buenaventura tendered his resignation "together with all his corresponding positions in the bank and all its subsidiaries and affiliates, effective Dec. 31," during the bank’s regular board meeting yesterday

In his letter, Buenaventura clearly magnified the takeover and the redundancy of his position to the soon-to-be merged bank so that "it can move forward to be a larger and more competitive player in the banking industry."

Several more resignations are expected to follow to rationalize the redundant positions and functions in EPCIB.

A special stockholders meeting for EPCIB and BDO will be held on Dec. 27 to formalize the merger of the two banks with BDO emerging as the surviving entity.

Initially, the merged bank will be known as Banco de Oro EPCI Inc., although it has still to be determined after all reports have been submitted to the Bangko Sentral ng Pilipinas (BSP). The new entity is expected to whether it will emerge as the country’s second largest commercial bank in terms of assets. Estimated combined assets is P613 billion and combined market capitalization at P95.5 billion. It will also result in a branch network of nearly 700 branches and nearly a thousand ATMs.

The merged bank will have Henry Sy, the patriach of the SM Group of Companies, as chairman emeritus while his daughter Tessie Sy-Coson will assume the chairmanship. BDO president and chief executive officer Nestor Tan is expected to assume the same position in the merged bank.