UCPB chief leaves post
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Fri, 26 Jul 2019 16:20:07 +0000
UNITED Coconut Planters Bank (UCPB) President and Chief Executive Officer Higinio Macadaeg Jr. has resigned from his post, the state-controlled lender said on Friday.
It is “with deep regret that I am tendering my resignation as President of United Coconut Planters Bank effective upon acceptance hereof,” Macadaeg wrote in a handwritten letter, dated July 25, to President Rodrigo Duterte that was obtained by reporters.
UCPB confirmed Macadaeg’s resignation, saying it was” due to personal reasons.”
“His resignation will take effect upon acceptance by President Duterte,” it said.
The lender assured its clients and other stakeholders that there are procedures in place to ensure an orderly transition, and that it will continue to provide and deliver its services to the public.
Macadaeg became UCPB chief in October 2016.
According to his profile on the bank’s website, Macadaeg is concurrently the chairman of UCPB Savings Bank; UCPB Leasing and Finance Corp.; and UCPB Securities Inc., Greenhomes Development Corp. and Balmoral Resources Corp.
He is also a director of UCPB Properties Inc., United Foreign Exchange Corp., United Coconut Planters Life Assurance Corp., UCPB General Insurance Company Inc., Coconut Industry Investment Fund Foundation, and Coconut Industry Investment Fund Finance and Development Corp.
He joined the bank in 2003 as chief credit officer and credit and supervision group head. He was later promoted as executive vice president, and corporate and consumer banking group head in 2011.
He has 37 years of experience in banking. He held senior executive positions in Equitable PCI Bank, Metropolitan Bank and Trust Co., Solid Bank Corp., Standard Chartered Bank and Citytrust Banking Corp..
He took an advanced management training program at the Wharton School, University of Pennsylvania, and earned his Bachelor of Science in Management from the Ateneo de Manila University.
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