Bermudez: A new leadership style at PVB

MANILA, Philippines - Joey Bermudez may not be a descendant of a war veteran but this seasoned banker is the best soldier  to head the Philippine Veterans Bank (PVB), one of the fastest growing medium-sized commercial banks in the country.

Since Bermudez joined PVB in September last year, he has put into practice a decentralized leadership style which fits well with a family atmosphere and work ethics of PVB.

“I want my senior guys to be in power. But of course, there are limits to devolving power, when you have to deal with preferences of your board and when it requires a certain issue, a certain items to be resolved at your level, you need to deal with that issues yourself,”  Bermudez says.

PVB is a private medium-sized commercial bank owned by 385,000 Filipino World War II veterans and their families. At present, PVB caters to both corporate and retail financial markets, and is also an authorized government depository.

With over 30 years of distinguished record of managing small and large teams and interacting with people of various nationalities, cultures and persuasions, Bermudez finds himself at home at PVB.

“To the extent possible, I would prefer the business team, especially the business managers to run their business the way they see fit,” he says.

“I believe in allowing the senior managers to shine to their fullest. “We should let them take the limelight, let them bask in their own glory.”

This leadership principle, he says, augurs well with PVB’s current thrust of ramping up its real banking portfolio by offering innovative and unique banking products and services.

Coupled with the unique culture in PVB, Bermudez and his entire senior managers’ team has managed to launch a first-of-it kind product in the industry.

With a short lead time, it launched the Home Loan, Free Home Promo which allows borrowers to take advantage of a 20-year loan term with 100-percent guarantee return of principal loan at the end of the term period.

“It was a product I was conceptualizing in my mind for quite some time and I decided to bring it to the board’s attention in February this year. We launched it March 1,” recalls the PVB president.

The promo which will run from March 1 to May 31, 2014, is the first loan product of the year and the only product with a principal-back guarantee. 

Bermudez relates he was able to witness the dedication of PVB’s family in making the launching of this loan program successful. “It became possible because of discipline and work ethic of PVB people.”

But no doubt that Bermudez’ humbling experience in the financial industry for over three decades strengthens PVB’s foothold in the banking arena.

No less than PVB chairman Roberto de Ocampo sees Bermudez’ capability to lead the bank’s high-caliber and world-class management team. 

Bermudez was the former president and CEO of Chinatrust (Philippines) Inc., the local subsidiary of Taiwan’s biggest privately-owned commercial bank, and held key positions at Philippine Savings Bank, Standard Chartered Bank, and Philippine Commercial International Bank (now BDO).

“He (Bermudez) will have a crucial role in turning the bank into a major player in the industry. Innovations in consumer finance and commercial lending, as acknowledged by his peers, are some of the values that Joey brings to the organization,” says Ocampo, in a statement when Bermudez decided to accept the post late last year.

Ocampo also believes that Bermudez is credited with having built from zero an industry-leading consumer finance business, and for having transformed another institution from a purely corporate and commercial lender into a major player in mortgage loans, auto loans, and small/medium-enterprise lending.

Bermudez is evidently an able CEO not only here in the Philippines but also overseas, having 12 years of experience as the founding chairman and CEO of Maybridge Finance and Leasing Inc. and Maybridge Financial (Canada) Inc., a fast-growing multinational finance company engaged in consumer finance and small enterprise finance since 2008 to present.

The veteran banker is also an educator by heart. He presently is a lecturer at the University of Asia and the Pacific (Advanced Management Program, Strategic Business Economics Program, and Master of Science in Management Program).

Occasionally, he likewise serves as a consultant on small-medium-enterprise (SME) banking and micro finance to the International Finance Corp. (World Bank group) and to various bilateral/multilateral institutions, state-owned financial institutions as well as privately-owned rural financial institutions.

He also led the Management Association of the Philippines, a leading management organization consisting of 850 CEOs and COOs from large multinational and domestic corporations as well as small/medium enterprises in 2009.

Bermudez holds a master’s degree in Business Economics and a bachelor’s degree in Commerce, major in Accountancy. 

A Certified Public Accountant, he is a recipient of an outstanding alumnus award from his college alma mater.  

He attended the Pacific Rim Bankers Program of the University of Washington.