LISTED universal bank Union Bank of the Philippines (UnionBank) started the New Year with a changing of the guards that took effect on Monday, January 4.
In a disclosure to the Philippine Stock Exchange, UnionBank corporate secretary Joselito Banaag said the bank’s board of directors elected Edwin Bautista in a special meeting on Monday as director to replace retiring UnionBank President and Chief Operating Officer Victor Valdepeñas.
Bautista, who has served as senior executive vice president of UnionBank for years, will serve the unexpired term of Valdepeñas.
The UnionBank board also approved the resignation of Vicente Ayllon as vice chairman and director.
The bank’s board appointed banker Nina Aguas to replace Ayllon and serve the latter’s unexpired term.
Aguas was the president and chief executive officer of Philippine Business of Communications from 2012 to 2015.
The appointees effectively assumed their new posts on Monday, January 4.
Valdepeñas first announced his retirement during the bank’s stockholders meeting in May last year.
Valdepeñas, 68, has served Union Bank for 19 years, making him the longest serving president in the Philippine banking industry.
Bautista, before assuming the bank’s presidency, earlier said the bank was targeting a flattish net income this year, as profits for the first nine months of 2015 declined to P3.67 billion from P6 billion the previous year.