Bank of Makati (A Savings Bank), Inc., or BMI, has appointed a new president as it enters its next phase of growth and become the micro, small and medium enterprises’ (mSMEs) bank of choice.
The savings bank named Luis M. Chua president following the seven-year term of Ma. Rodora E. Bañares.
Chua previously served BMI as executive vice president, overseeing the groups in charge of controllership, loans operations, credit support, information technology, asset management and disposal, corporate services and branch operations.
Chua joined BMI in 2005 as the head of the Internal Audit and Compliance Group after building a career in government and foreign and local banks, including Citibank N.A., United Coconut Planters Bank, Security Bank, SB Cards Corp. (formerly Security Diners International Corp.), the Bangko Sentral ng Pilipinas and SGV & Co.
A Certified Public Accountant, Chua obtained his Master of Science in Computational Finance and Bachelor of Science in Commerce, major in Accounting (cum laude), from the University of Santo Tomas. He has completed all academic units for a Master’s degree in Business Administration and is currently working on his Ph.D. in Commerce from the same university.
Outside of the bank, Chua teaches finance as a lecturer at the Alfredo M. Velayo College of Accountancy in the UST.
“As president, Mr. Chua will lead a dynamic team committed to further expand the capacity of BMI to help more Filipino savers and entrepreneurs achieve their dreams,” BMI Chairman Thomas C. Ongtenco said.
Meanwhile, Bañares has moved into her new role as director.
BMI is the third biggest stand-alone savings bank in the Philippines, in terms of total assets. It is a leading thrift bank in terms of profitability margins and cost-efficient operations. It has more than 60 branches across the archipelago, primarily catering to smaller entrepreneurs and Filipino savers. BMI is the dominant player in motorcycle bank financing with a total market share of 96% as of September 2017. Its return on equity stands at 20.82% and return on asset at 4.80% as of December 2017.
“The new leadership upholds the commitment of BMI to enabling more Filipinos to save for a better future and unleash their potential as entrepreneurs,” Chua said. “As we expand our services and reach further, we are confident of becoming the mSME Bank of Choice.”
ABOUT BANK OF MAKATI
Built on more than 60 years of experience in community banking, BMI was originally founded as a rural bank in July 1956. It gained stronger capability with the entry of new shareholders, a new management and bigger capitalization in 2001.
By 2006, BMI became the first rural bank to land on the elite list of the Top 1,000 Corporations in the Philippines. It was recognized in the same year as the country’s biggest rural bank.
BMI officially became a savings bank in 2015. Moving forward, the bank envisions itself to become the micro, small and medium enterprises’ bank of choice.