RETAIL BANKING | Tony Chua, Philippines

BPI extends its CEO’s term

Two year extension of Aurelio Montilnola’s term has been approved in line with his transformative initiatives.

Aurelio R. Montinola III will stay at the helm of Bank of the Philippine Islands (BPI), the country’s third largest bank, for two more years even if he reaches the bank’s mandatory retirement age of 60 in August.

In a disclosure to the stock exchange on Wednesday, BPI said the banks’ board approved the two-year extension during its meeting on Wednesday, reasoning that Mr. Montinola needed to stay longer at the bank to complete some of the “transformative” initiatives he had started.

The board also cited the need for “continuity of the bank’s commitments until a new successor is in place.”

Mr. Montinola has been BPI chief executive since January 2004, and concurrent president since January 2005.

He is currently the president of the Bankers Association of the Philippines. It is his second year to head the association.

It was under Mr. Montinola’s watch that BPI offered the concept of “bank anywhere” that allows clients to transact at any bank branch free of charge.

View the full story in Business World.

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