BanCom forms committee to protect San Miguel-owned bank from sleazy clients
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BanCom forms committee to protect San Miguel-owned bank from sleazy clients

Bank of Commerce (BanCom) has formed a three-member underwriting committee to prevent the newly-listed bank from getting involved with corrupt individuals or clients.

The BanCom board chaired by bilyonaryo Francis Chua approved the creation of the committee on April 26 which would evaluate, endorse and approve transactions by its investment banking group.

The committee, which will be composed of veteran investment bankers, would “greenlight or pre-clear engagement with new clients to the bank who might represent potential reputational risk.”

The committee would also vet all formal proposals by its investment banking group before these are sent to clients.

The committee was granted authority to approve up to P3 billion financial transactions undertaken by its investment banking group.

The major stockholders of BanCom are San Miguel Corp (63 percent) and Caritas Health Shield (eight percent).

 

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