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March 01, 2024

BDO names new execs for institutional banking segment

BDO Unibank Inc. headed by bankero Nestor Tan has tapped three new executives to head the listed bank’s institutional banking segment.

The new hires of the Sy-led bank replaced former BDO senior executive vice president and institutional banking group head Walter Wassmer who was recently elected as a member of the bank’s Board of Directors.

Tapped as co-head of BDO’s institutional banking group were executive vice presidents Cecilia Luz Tan, Gerard Lee Co, and Jeanette Javellana.

Tan, who is also lead co-head, will cover corporate banking, financial institutions, international desks, sustainable finance desk as well as administration and support.

On the other hand, Co is tasked to cover commercial banking for Visayas and Mindanao, while Javellana would take care of Luzon including Metro Manila.


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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