Arthur Ty is new Metrobank chairman

MANILA, Philippines - The Metropolitan Bank and Trust Co. (Metrobank) has a new board chairman in Arthur Ty, erstwhile bank president. He replaces his father, Dr. George S.K. Ty as bank chairman.

The new bank president is Fabian S. Dee, erstwhile senior vice president while Francis C. Sebastian was retained as vice chairman.

 The new board is still in a meeting as of presstime, as they were still deciding on management positions.

 Likewise, the present board decided to expand the 2012 board to 14 seats from the present 12.

The new members of the board are Fabian S. Dee, Antonio Viray, Amelia Cabal and Vy Tonne So. Out of the new board are Antonio S. Abacan Jr. and Jose P. de Jesus (independent director).

Abacan was named Metrobank Group chairman.

Sources said that the patriach of the Ty conglomerate would remain as the guiding light of the Metrobank Group as it has been expanding its corporate reach to new ventures such as energy generation.

 The change was expected as Arthur Ty has agreed to be bank president only for a five-year period.

Younger brother Alfred remains at the board as corporate secretary. He is also the president of Federal Land Inc., Toyota Motor Philippines Corp., and an independent director of the Philippine Long Distance Telephone Co. (PLDT).

Other members of the new board are: Renato C. Valencia, Remedios L. Macalincag, Jesli A. Lapus, Robin King, Vicente B. Valdepenas Jr., Manuel Q. Bonoan, Edmund A. Go. and Alfred Ty.