PSBank president declines Metrobank top post

MANILA, Philippines – Philippine Savings Bank (PSBank) Pascual Garcia said he would decline an offer to assume the top post at one of the country’s largest commercial banks.

Garcia, who has been reported to be on the shortlist to replace the current president of Metropolitan Bank & Trust Co. (Metrobank), told the senate-judges on Thursday, February 16 that he will not accept the post if offered.

“I have written to my superiors and i have told them that if ever it (Metrobank presidency) was offered, I will decline it because I do not want my people to feel that they are being abandoned during this time,” he said.

“And secondly, I don’t want the sincerity of our interest to protect our employees and depositors and the entire banking industry to be misinterpreted, so i will not and never accept,” he added.

Garcia gave this reply when he was asked by Sen. Serge Osmena III if the thrift bank president will soon assume the top post at his bank’s parent company.

Arthur Ty, son of patriarch George S.K. Ty assumed the post as Metrobank president in 2006 and will reportedly step up as the bank chairman since he has already completed his 5-year term. 

Garcia was at the witness stand again on Thursday to provide details at the ongoing impeachment trial against Chief Justice Renato Corona, a PSBank client.

PSBank is the thrift bank arm of Metrobank, which has previously told the local stock exchange that the bank’s choice of a new leader will be made known in its annual stock holders meeting in May. 

Garcia has previously told senator-judges that Corona has at least P20 million in several peso accounts at the PSBank Katipunan branch, but balked at providing more details about Corona’s dollar accounts citing bank secrecy.

Despite being thrust in the limelight, investors remained confident in PSBank. The P3 billion bonds that PSBank floated even during the impeachment trial was twice oversubscribed.

PSBank is the 2nd largest thrift bank in the Philippines. Its healthy revenues from retail loans, including vehicle and housing, helped boost Metrobank’s 2011 profits of P11 billion. – Rappler.com