The shareholders of electronic banking consortium BancNet, Inc. elected new directors to the company’s Board of directors during their annual stockholders’ meeting held recently.They were WilfredoE. Rodriguez, representing Asia United Bank (AUB);Paul Raymond A. Favila, representing Citibank; Henry Bremridge, representing HSBC; Hermogenes Esperon, Jr., representing Philtrust Bank; and Cecilio Paul D. San Pedro, representing Sterling Bank.
Re-elected to the 15-man Board were Nestor V. Tan, representing BDO, Alexander G. Seminiano, representing BPI, Manuel C. Tagaza, representing Chinabank; Salvador R. Serrano, representing East West Bank; Leila C. Martin, representing Land Bank; Fabian S. Dee, representing Metrobank; Florido P. Casuela, representing PNB; Reginaldo B. Cariaso, representing RCBC; John Cary L.Ong, representing Security Bank; and Edwin R. Bautista, representing Union Bank.
At the Board’s organizational meeting that followed, Tan and Dee were given afresh mandate to lead the company as chairman of the Board and president, respectively, for the term 2024-2025. Bautista was also reelected Treasurer for another term.
Dee told the stockholders that 2023 was another banner year for BancNet as it rode on the wave of market acceptance of electronic payments and prepared itself for the increasing demands and expectations. He underscored that the consortium “made significant strides to keep pace with market requirements, handling the growing volume with steadfast security and quality”.
He reported that net income rose to P110.93 million,11.9 percent higher than 2022, while ROE was at 9.9 percent, in keeping with BancNet’s industry utility mandate.
Dee also stressed that cybersecurity remained a top priority in 2023, because being an open system, “BancNet’s strength lies in the collective security of all its partners, from large financial institutions to smaller providers. We have diligently fortified our defenses to safeguard against potential threats, ensuring robust protection across our network,” he said.
In his message to the stockholders, Tan said “our primary achievement this year has been our resilience, reliability, and credibility. For us, success in paymentsis not about accolades but about maintaining impeccable operational hygiene.”
Tan also maintained that “our progress, however, must be synchronized with our diversemembership, ensuring that technological enhancements are accessible and beneficial to all.”
