MANILA, Philippines – Fernando Zobel de Ayala returned to the board of the Bank of the Philippine Islands (BPI) on Wednesday, September 20, after stepping back from the family conglomerate to “focus more on his recovery and health.”

Zobel’s election to the BPI board of directors is subject to confirmation of the Monetary Board of the Bangko Sentral ng Pilipinas (BSP). He has also been appointed as a member of the Executive Committee and the Personnel and Compensation Committee.

Zobel’s return as a director will fill the board seat left vacant by Romeo Bernardo, who resigned on September 12 after being appointed to the BSP’s Monetary Board.

It also marks the billionaire’s return as a board member in a family company.

In September 2022, Zobel resigned from his positions as vice chairman of the board, president, and chief executive officer of Ayala Corporation, as well as from being a board member of Ayala companies BPI, Globe Telecom, Ayala Land, ACEN, and Integrated Micro-Electronics.

He also took a medical leave of absence in August 2022 before stepping down, although the exact reason for this was not disclosed.

In February 2023, Zobel began easing back into the Ayala group, becoming an advisor to the board of Ayala Land. In April 2023, he also returned to BPI as part of its advisory council.

Zobel was first elected to BPI’s board in October 1994. He later served as BPI’s vice chairman from April 2013 to September 2022. His older brother, Jaime Augusto Zobel de Ayala, currently sits as the chairman of the bank. (READ: BPI targets 50M customers in 3 to 5 years through digitalization)

“I am glad to welcome Fernando back to the board of BPI. Fernando has played a crucial role in the bank’s history and transformation throughout his almost three-decade tenure as non-executive director of BPI’s board,” said the elder Zobel in a statement on Thursday, September 21. – Rappler.com

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