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Tuesday, June 25, 2024
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Sy Siblings Endorse Nestor Tan for Five More Years as BDO President and CEO

Nestor V. Tan, the esteemed bank executive, has received a strong vote of confidence from the country’s wealthiest family. The board of BDO Unibank, chaired by billionaire Tessie Sy, has extended Tan’s tenure as president and CEO of the Philippines’ largest lender for another five years, up to March 2028.

Since Tan, an alumnus of De La Salle and Wharton, took on the role of president at BDO in 1998, the bank’s assets have soared to P3.624 trillion by 2021. This represents a 45% increase over the second-largest private bank, Metropolitan Bank and Trust Co. of the Ty family, which holds P2.5 trillion in assets.

In addition to this extension, Tan has increased his holdings in BDO Unibank, Inc., marking the beginning of his five-year extension as president and CEO. On May 23, Tan purchased eight million shares at P137 each. On the same day, he sold five million shares at P135.70, despite initially planning to retire this year.

Currently, BDO is trading at a four-month low of P130. Tan’s net purchase of three million shares has raised his total stake in BDO to 26.701 million shares, valued at P3.5 billion.

Tan, who has led the Sy family-controlled bank since 1998, continues to be a pivotal figure in its growth and success. — (bilyonaryo.com)

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