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March 02, 2024

2 PBCom directors join BBM Cabinet

Philippine Bank of Communications headed by bankero Patricia May Siy lost two directors who were appointed as part of the Cabinet of President Ferdinand “Bongbong” Marcos Jr.

The listed bank controlled by businessman Lucio Co has accepted the resignations of independent director Bienvenido Laguesma and director

Jaime Bautista last month.

Laguesma was appointed as Secretary of the Department of Labor and Employment (DOLE), while Bautista who was former president of flag carrier Philippine Airlines was named head of the Department of Transportation (DOTr).

The remaining members of the Board of Directors of the bank elected Stephen CuUnjieng as independent director to serve Laguesma’s unexpired term.

CuUnjieng concurrently serves as an independent director of First Philippine Holdings Corp. since 2018.

CuUnjieng was a senior managing director at Evercore and chairman at Evercore Asia Limited from 2009 to 2022.

CuUnjieng is part of the Executive Advisory Board for Asia of the Wharton School of Business and is also an independent director at Century Properties Group, Golden Springs (Singapore) Phoenix Petroleum PH Inc. and Ave Point.

CuUnjieng was previously an independent director of Aboitiz Equity Ventures (2010 to 2018), an Adviser to the Board of SM Investments Corporation (2008-2017) and a director of Manila North Tollways Corporation (2008-2013).

He was Vice Chairman, ASEAN of Macquarie (Hong Kong) Limited from 2007 to 2009.

CuUnjieng holds a Degree in Bachelor of Arts and also has a Bachelor’s Degree in Law, with honors from the Ateneo de Manila University and the Ateneo Law School. He also has a Master’s Degree in Business Administration (Finance) from the Wharton School of Business.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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