Bank of Commerce names investment banking veteran Simon Paterno as its new independent director
San Miguel Corp. (SMC) affiliate Bank of Commerce has named investment banking veteran Simon Paterno as the newest member of its Board of Directors in replacement of long-time CocoLife director Carolina Diangco who resigned due to "personal reasons."
Paterno, a veteran investment banker, is the founder and CEO of start-up platform ZQR Corp. which improves the experience of document exchanges between enterprises and their customers. He previously served as the President and CEO of the Development Bank of the Philippines (DBP) and as Executive Vice President of the Bank of the Philippine Islands (BPI).
The new BNCOM board member also held executive roles during his stint at JP Morgan & Co.'s New York, Hong Kong, and Philippine offices for 18 years and at Credit Suisse from 2004 to 2012.
Paterno had engagements with Malaysian banking giant CIMB before and was supposed to be the ASEAN universal bank's country manager in the Philippines when it offered to take over BNCOM to support its goal of expanding its presence in Southeast Asia. The deal with SMC regarding the acquisition was canceled in 2013.
In 1999, Paterno received the Ten Outstanding Young Men (TOYM) Award for his work in investment banking.
The banking veteran graduated cum laude in AB Economics from the Ateneo de Manila University in 1980 and received his MBA from Stanford University in 1984.
Paterno's appointment as an independent director of the listed bank took effect on June 1.
Source: Veteran investment banker Simon Paterno joins Bank of Commerce board