MANILA, Philippines - Former Bank of the Philippines Island (BPI) executive Gil Buenaventura took his oath yesterday as the new president and chief executive officer of state-owned Development Bank of the Philippines (DBP).
Buenaventura, 59, replaces Francisco F. Del Rosario Jr. who resigned effective Sept. 30, 2012.
Buenaventura will assume his new post on Oct. 22. For the meantime, DBP director Cecilio Lorenzo will oversee the bank’s operations as officer.
Buenaventura was sworn in by Energy Secretary Jose Rene Almendras in simple ceremonies at the DBP headquarters in Makati City.
According to Buenaventura, “he is grateful for the opportunity to work in the public sector, and at the same time challenged to serve in government.”
He said he would be bringing the experience and lessons he has learned from a fruitful career in private banking to his stint in DBP, to further fulfill its mandate as a development financial institution.
As a veteran banker, Buenaventura has had an extensive career in banking and management.
He was head of BPI’s Corporate Banking Group since 1996 and most recently served as its senior executive vice president and COO.
He was president of Prudential Bank, which was absorbed by BPI in 2005. He was instrumental in leading one of the quickest integration exercises in BPI and in the history of the banking industry.
The former Citibanker, who was a product of the merger between BPI and CityTrust Banking Corp. in 1996, started his banking career in 1973 when he was trainee in two US banks - Chemical Bank and First National City Bank.
Buenaventura was also chairman of the board of directors and nomination committee of BPI Leasing Corp., and also held several positions in other units of BPI.
He served as chairman of the boards of BPI Bancassurance Inc., Citytrust Realty Corp., BPI Rental Corp., BPI International Finance Ltd., BPI Express Remittance Corp., Pilipinas Savings Bank Inc., BPI Computer Systems Corp., BPI Direct Savings Bank Inc., Citytrust Securities Corp., Ayala Life Assurance Inc. and Ayala Plans Inc.
He was also a member of the board of trustees of BPI Foundation Inc.
Buenaventura obtained his economics degree from the University of San Francisco in 1973 and finished his MBA in finance from the University of Wisconsin in 1975.