The 2005 PBCom Annual Stockholders' Meeting was held at the 10th floor of the
Head Office Bldg. last June 21, 2005, with EVP & OIC Angel M. Corpus presiding.
During a brief presentation, Mr. Angel M. Corpus reported about the various initiatives
and commitments, particularly, the three-pronged strategy taken by the Bank to clean up
its balance sheet. The presentation highlighted the Bank's completion of sale of P12.91 billion
of its non-performing assets to a Special Purpose Asset Vehicle (SPAV). Mr. Corpus also
apprised shareholders of the strategic goals to be implemented by the Bank to achieve
sustained long-term profitability.
At the meeting, Mr. Enrique T. Luy was elected as Chairman of the Board of PBCom
following the election of Mr. Luy Kim Guan as Chairman Emeritus and former
Chairman Chung Tiong Tay as Honorary Chairman. The election of Mr. Enrique Luy
heralded the transfer of the leadership mantle to the second generation of owners.
During the same meeting, Mr. Carmelo Maria L. Bautista was elected Director and
President & CEO of PBCom.
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| EVP & OIC Angel M. Corpus with Honorary Chairman Chung Tiong Tay and Chairman Emeritus Luy Kim Guan |
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