Fernando Zobel back as BPI board director

MANILA  -Billionaire Fernando Zobel de Ayala returned to Bank of the Philippine Islands (BPI) as board director, replacing Romeo Bernardo who recently joined the Monetary Board.

In a disclosure on Thursday, BPI said Zobel was also assigned as member of the executive committee and personnel and compensation committee.

Bernardo tendered his resignation following his appointment to the Monetary Board of the Bangko Sentral ng Pilipinas.

Zobel was the bank’s vice chair from April 2013 until September 2022, when he resigned from all his posts in the Ayala Group to focus on his health. Zobel was first elected to the BPI board in October 1994.

Among the positions he vacated were as president and chief executive of parent company Ayala Corp., which were then given to Cezar Consing on an “interim basis.” Zobel, however, was still given duties as “special adviser to the board.”

Slowly assuming his positions in the group, Zobel came back as board adviser at Ayala Land Inc. in February and as part of BPI’s advisory council in April.

“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 nonexecutive director of BPI’s board,” said BPI chair Jaime Augusto Zobel de Ayala, who is Zobel’s older brother.

BPI reported its net income in the first half grew by 23 percent to P25.1 billion as total revenues rose 13.8 percent to P65.6 billion.

—Tyrone Jasper C. Piad