Banking giant Metropolitan Bank & Trust Co. has named seasoned banker Fabian Dee as its new president. He will take over the post of Arthur Ty, who has been elevated to the post of board chairman.
Dee and Ty were elected during a board meeting late Wednesday immediately after the bank’s annual stockholders’ meeting.
“This new leadership is poised to seize new opportunities in the dynamic banking landscape. With a more focused strategy in place and a strong balance sheet, the bank is well positioned to move with the country’s renewed growth prospects,” Metrobank announced Wednesday night.
Ty had been president of Metrobank since 2006 and was the youngest chief executive among the country’s major banks. He led Metrobank’s rigorous housecleaning over the past few years and ended his term just as the bank had hit a record net profit of P11 billion in 2011. The profit figure was 32 percent higher than that of the previous year.
Dee brings 27 years of banking experience to his new position. He used to manage corporate and middle market portfolios, treasury and consumer banking, among others. Prior to his election, he was senior executive vice president and head of the national branch banking sector, as well as chairman of Metrobank Card Corp.
Biz Buzz reported in January that the appointment of Ty and Dee was part of taipan George Ty’s preparation for retirement, easing the transfer of responsibilities to the second generation.
Metrobank insiders believe that the new men at the helm will be very good for Metrobank because Dee is characterized as a “builder,” complementing the younger Ty’s conservatism.
Meanwhile, Antonio Abacan Jr., who served as Metrobank president and chairman and helped grow the bank for the last 20 years, will transfer his responsibilities to Ty but will remain head of the bank’s board of advisers as well as vice chairman of the group.
“Throughout Abacan’s career in Metrobank, he was able to tap many opportunities for the bank thereby making him one of the central figures behind its success. His continued stay with the group remains to be a valuable asset for Metrobank given his banking industry knowledge and experience,” the Metrobank statement said.