WebClick Tracer

March 02, 2024

Bank of Commerce names former DBP prexy Simon Paterno as director

Bank of Commerce led by bankero Michelangelo Aguilar has named former Development Bank of the Philippines (DBP) president and CEO Simon Paterno as the newest member of its Board of Directors.

Paterno, a former top executive of Bank of the Philippine Islands (BPI), replaced Carolina Diangco who tendered her resignation as member of the Board of Directors of the bank controlled by diversified conglomerate San Miguel Corp. (SMC) effective May 31.

Paterno’s appointment as an independent director of the listed bank takes effect June 1.

The bankero is the founder and CEO of start-up platform ZQR Corp. that improves the experience of document exchanges between enterprises and their customers

Paterno also served as executive vice president and head of products and alternative channels of BPI from 2014 to 2019, where he managed all of the bank’s profit centers outside of Treasury, including the bank’s digital channels.

He represented Malaysia’s CIMB in the Philippines in its search for an investments and in originating investment banking deals.

In late 2012, Paterno served as CEO-designate of Bank of Commerce, which was targeted for acquisition by CIMB. The deal was cancelled in 2013.

The experienced bankero was also managing director and country manager of Credit Suisse from 2004 to 2012 as well as chairman of Credit Suisse Securities Philippines Inc.

He also headed state-run DBP from 2002 to 2004, spent 18 years with JP Morgan & Co. where he was eventually named managing director with stints in New York and Hong Kong.

In 1999, Paterno received the Ten Outstanding Young Men (TOYM) Award for his work in investment banking. He received his MBA form Stanford University in 1984 and his AB Honors Program in Economics, cum laude from the Ateneo de Manila University in 1980.


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.

Read More ...