East West in top brass shakeup with CEO in BSP race

The Gotianun family-controlled East West Banking Corp. is set to implement a major top management shakeup—including the appointment of a new president —with its current CEO having been endorsed by President Duterte’s political party for the central bank governorship.

The Inquirer learned that banker Jesus Roberto Reyes, currently the treasurer and chief financial officer of Union Bank of the Philippines, is set to be named president and CEO of East West Bank by  May 1.

According to industry sources, East West’s current president, Antonio Moncupa, will be promoted to vice chair pending the President’s decision on who will be the new governor of the Bangko Sentral ng Pilipinas once the current chief, Amando Tetangco Jr., ends his second term on July 3.

Moncupa has received the backing of Senate President Aquilino Pimentel III and the PDP-Laban political party in the tight race to be the country’s next banking and monetary policy chief.

In a text message, Moncupa declined to comment on Reyes’ reported appointment, saying only that “East West Bank is beefing up its executive team and will most likely make an announcement soon.”

Reyes has been serving as CFO of the UnionBank since early 2016. He joined the Aboitiz family-controlled financial institution in 2012, serving as a senior executive vice president and treasurer in 2012.

Before that, he worked as treasury and investment banking head of Security Banking Corp. for a decade, and deputy treasurer of HSBC’s Philippine operations in the mid-1990s.

Jose “Toto” Hilado will continue to serve as East West’s chief operating officer under the reorganization plan, sources said.

Meanwhile, Moncupa said he had not been named BSP governor yet, contrary to speculation.

Other contenders for the BSP’s top post—described by Finance Secretary Carlos Dominguez III as the “single most important economic decision President Duterte will make”—include current Deputy Governors Nestor Espenilla Jr. and Diwa Guinigundo as well as former Monetary Board member Peter Favila.