MANILA, Philippines (UPDATED) - Investment banker Cezar Consing has been named as the new president and CEO of Bank of the Philippine Islands (BPI), a member of the Ayala group.
Consing, 53, will succeed Aurelio R. Montinola III after BPI's annual stockholders meeting on April 18, 2013, according to one of the country's biggest banks' December 12 disclosure to the stock exchange.
"After an extensive search process, we are very pleased to announce the selection of Cezar (Bong) Consing as the ideal candidate to lead the Bank of the Philippines Islands in this increasingly complex financial market environment," BPI Chairman Jaime Augusto Zobel de Ayala said.
"His extensive experience in international banking and financial services, combined with his knowledge of BPI over a large span of years, will be an exciting addition to our exceptional management team," Ayala added.
From now until April 2013, Consing and Montinola will be working together to ensure a smooth transition in the management of the bank.
Consing has over 25 years of experience in international finance, particularly in investment banking, commercial banking, and private equity.
He was a partner at the US$3 billion international hedge fund and private equity firm The Rohatyn Group since 2004. He was focused on emerging markets, ran the firm’s Hong Kong office and was responsible for its private equity business in Asia, including oversight of the firm’s two joint ventures in the region, Arch Capital in Hong Kong, and CapAsia in Singapore.
He has also served as independent board director of CIMB Group Holdings, CIMB Group Sdn Berhad in Malaysia, and CIMB Securities International in Singapore, as well as of First Gen Corporation (since 2005) and Jollibee Foods Corporation (since 2010).
He previously served as member of the advisory board and executive committee of Asian Youth Orchestra.
He joined BPI in 1981 as the youngest management trainee in the corporate planning department and later moved in 1985 to corporate banking, where he eventually headed the team that covered conglomerate and multinational clients.
He then joined J.P. Morgan & Co. and built a 20-year career in investment banking while based in Hong Kong and Singapore, the last 7 years of which as head or co-head of investment banking for Asia Pacific from 1997 until he joined the Rohatyn Group.
From 2001, he was president of J.P. Morgan Securities (Asia Pacific) Ltd. and had overall responsibility for the combined Asian investment banking businesses of J.P. Morgan, Chase Manhattan, and Jardine Fleming.
Consing has an economics degree, magna cum laude, from De La Salle University, and a master’s degree in Applied Economics from the University of Michigan.
Montinola, who has been BPI president since 2005, reached the mandatory retirement age of 65 in August 2011, but was asked to stay for two more years to give the bank more time to find his successor. The Harvard-educated veteran banker will continue to serve as a member of the board of BPI upon the transition in April. - Rappler.com