Development Bank of the Philippines president and CEO Michael O. de Jesus has assumed the position of chairman at DBP Daiwa Capital Markets Philippines Inc., succeeding Emmanuel G. Herbosa.
DBP Daiwa is a joint venture between DBP and Japan’s Daiwa Securities Group Inc.
De Jesus took over as DBP president and CEO in January 2023.
DBP owns a 35 percent stake in the stock brokerage, while Daiwa Securities group has a controlling stake of 60 percent , and Pan Malayan Management and Investment Corp., owned by the Yuchengco family, owns the remaining five percent.
DBP Daiwa reported a P13 million loss in 2021, which is lower than the P23 million loss incurred in 2020.
