Consing to succeed Montinola at BPI

MANILA, Philippines - Ayala-controlled Bank of Philippine Islands (BPI) has chosen seasoned banker Cezar Consing to succeed Aurelio Montinola III who is set to retire as president and CEO by the middle of next year.

In a statement, BPI said its board has approved a succession plan which will be announced at its next organizational meeting immediately following the annual stockholders’ meeting on April 18, 2013. 

BPI said this movement is in line with its traditional retirement practices and forms part of the normal succession process.

Consing has over 25 years of experience in international finance, particularly in investment banking, commercial banking and private equity.

The bank’s nomination committee has taken into consideration the leadership traits of Consing, having led large groups of highly qualified finance professionals.

He has also been directly involved in several significant financial transactions in Asia and in the Philippines.

Consing’s involvement with BPI started in 1981 when he became the youngest management trainee in the corporate planning department and later moved to corporate banking, where he eventually headed the conglomerate and multinational coverage team.

He was appointed assistant vice president for corporate banking in 1985.

He then transferred to JP Morgan & Co. and built a 20-year career in investment banking while based in Hong Kong and Singapore, the last seven years of which as head or co-head of investment banking for Asia Pacific between 1997 and 2004.

From 2001, he was president of JP Morgan Securities (Asia Pacific) Ltd. and had overall responsibility for the combined Asian investment banking businesses of JP Morgan, Chase Manhattan and Jardine Fleming.  

At the board level, Consing represented JP Morgan on the board of BPI and BPI Capital in 1995 to 2000.

He rejoined the BPI board as an independent director from 2004 to 2007, and then again in 2010, where he currently serves as an independent director and a member of its personnel and risk management committee.

Since 2004, Consing has been a partner of The Rohatyn Group, a $3-billion international hedge fund and private equity firm focused exclusively on emerging markets.

He runs the firm’s Hong Kong office and is responsible for its private equity business in Asia, including oversight of the firm’s two joint ventures in the region, Arch Capital in Hong Kong and CapAsia in Singapore.

He has also served as independent board director of CIMB Group Holdings, CIMB Group Sdn Berhad in Malaysia, and CIMB Securities International in Singapore, as well as of First Gen Corp. (since 2005) and Jollibee Foods Corp. (since 2010).

He previously served as member of the advisory board and executive committee of Asian Youth Orchestra.

Consing, 53, earned a degree in economics (accelerated program, magna cum laude) from De La Salle University in 1979, and a master’s degree in applied economics from the University of Michigan in 1980.

BPI chairman Jaime Augusto Zobel de Ayala said they believe that the extensive banking experience of Consing would rightfully qualify him to run one of the country’s top banks.

“After an extensive search process, we are very pleased to announce the selection of Cezar (Bong) Consing as the ideal candidate to lead the Bank of the Philippines Islands in this increasingly complex financial market environment. His extensive experience in international banking and financial services, combined with his knowledge of BPI over a large span of years, will be an exciting addition to our exceptional management team,” he said.