MANILA, Philippines - Ayala-led Bank of the Philippine Islands (BPI) on Wednesday announced Cezar P. Consing will succeed as president and chief executive officer of the firm by April 2013.
Consing will be replacing Aurelio "Gigi" Montinola III, who will serve as a member of the Board of BPI starting April 2013, the bank said in a statement.
"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 in a statement.
Cezar P. Consing will be nominated to succeed Aurelio R. Montinola III as President and CEO of Bank of the Philippine Islands next year.
"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," he added.
Consing and Montinola will be working from today until April next year to ensure a "smooth transition" in the management of the bank.
Consing is a partner at The Rohatyn Group, a $3-billion international hedge fund and private equity firm, since 2004. He is primarily responsible for private equity business in Asia and oversees The Rohatyn Group's joint ventures in the region, Arch Capital in Hong Kong and CapAsia in Singapore.
He also serves as an independent board director of CIMB Group Holdings, CIMB Group Sdn Berhad in Malaysia, and CIMB Securities International in Singapore. Moreover, he sits as an independent director in the boards of First Gen Corp. and Jollibee Foods Corp.
Prior to his work at The Rohatyn Group, Consing was President at the J.P. Morgan Securities (Asia Pacific) Ltd. His work entailed oversight of the investment banking businesses of J.P. Morgan, Chase Manhattan, and Jardine Fleming in Asia.
Consing was employed with BPI in 1981 as a management trainee in the corporate planning department. He later moved to corporate banking where he headed the Conglomerate and Multinational Coverage team.
In 1985, he was appointed Assistant Vice President in Corporate Banking before he transferred to J.P. Morgan & Co.