BDO Unibank president and CEO Nestor Tan purchased a net three million bank shares worth over P400 million after the country’s largest lender pulled back from a recent record high.
Tan, who led the banking giant to another year of historic profits in 2023, raised his BDO stake by 12.6 percent to 26.7 million shares worth over P3.5 billion.
P1B share purchase
Tan increased his shareholdings after purchasing almost P1.1 billion worth of shares at P137 each last May 23, BDO said in a regulatory filing.
On the same day, he sold five million shares worth P678.5 million at P135.70 each. BDO touched a 52-week high of P160.70 per share last April 1.
“The disposition of shares was undertaken to partially pay taxes and exercise expenses,” BDO said in the filing.
Banner year
A long-time president of BDO, Tan’s term was extended by another five years in 2022.
BDO saw a strong start this year as profits jumped 12 percent to P18.5 billion during the first quarter.
In 2023, BDO posted its highest annual profit of P73.4 billion on higher interest rates and growing loans.
Update: Tan buys more
In a June 11 disclosure, BDO corrected Tan's purchases on May 23, saying he bought another 285,026 shares valued at close to P40 million.
This raised his net purchases that day to about P450 million.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
