UMVA has learned that a major leadership shakeup has occurred at a prominent banking institution, with John Cary L. Ong stepping down as Wholesale Banking Segment Head.
Ong's departure marks the end of an era for the bank, where he made meaningful contributions to the wholesale banking business. The bank's President and Chief Executive Officer (CEO) expressed gratitude for Ong's leadership and service, wishing him every success in his future endeavors.
In the interim, the bank's CEO will oversee the Wholesale Banking Segment, working closely with a team of senior executives, including the Head of Alliance Segment, Head of Corporate Banking, Head of Commercial Banking, and the President and CEO of Security Bank Capital Investment Corp.
The bank has emphasized that wholesale banking remains a key growth engine, underpinned by an experienced leadership team and a strong foundation for the future. Clients can expect continuity in leadership and service as the bank further strengthens its corporate, commercial, and institutional banking franchise.
The leadership change comes on the heels of a 4% decline in the bank's attributable net income, which dropped to P2.704 billion in the first quarter. The bank's shares also experienced a slight downturn, closing at P61.55 each on Monday, down by P1.15 or 1.83% from Friday's finish.
