BPI names TG Limcaoco as new president starting April 2021

MANILA, Philippines — Ayala-led Bank of the Philippine Islands has chosen a new leader that will steer the 169-year-old lender to recovery from coronavirus carnage.

In a statement on Wednesday, BPI said its board unanimously picked Jose Teodoro "TG" Limcaoco — currently chief finance officer of the bank's parent firm Ayala Corp. — as the company's new president and chief executive beginning April 22 next year.

Limcaoco will replace Cezar "Bong" Consing, who has been leading the bank since 2013.

He will face the daunting task of shoring up BPI to recovery amid the economic onslaught brought by the coronavirus pandemic. In the first 9 months, BPI reported a 22.1% year-on-year slump in net income to P17.17 billion, financial results showed.

Earnings sagged after the bank hiked its 9-month loan loss buffers by 4.6x compared to year-ago levels to P21.06 billion as a defense against a wave of unpaid loans from pandemic-battered borrowers. In the third quarter, soured credit held by BPI accounted for 2.98% of its entire loan books, higher than 1.83% ratio recorded in the preceding 3 months.

“TG is an excellent choice to lead BPI,” Consing said of his successor. "He has been a banker for most of his career, and his strong technological bent and commitment to sustainability will be critical for the BPI of the future," he added.

According to BPI, Consing will remain a board director at the bank even after his term as president and CEO. He joined Ayala Corp.'s board earlier this month.

“Bong’s foresight, strategy, and follow-through over the past years have helped build one of the strongest banks, tested and proven during this crisis," Limcaoco said. 

"I am excited to be given the opportunity to lead BPI at a time of massive opportunity and transformation in the industry," he added.

For his part, Jaime Augusto Zobel de Ayala, the bank's chairman, said of Limcaoco: "His deep background in banking and finance, innovation and digitalization, risk management and ESG, as well as the strong alliances he has forged position us for continued success as the country and the world transition from crisis to recovery."

On Monday, shares in BPI ended flat at P83 each.