Nestor V. Tan, president and chief executive officer of BDO Unibank Inc.,has received P35 million worth of shares as property dividends issued by the banking arm of the SM Group.
The shares were part of a recent declaration by BDO’s board that approved the distribution of treasury shares—arising from the merger of BDO and SM Keppel Inc.—as property dividends. BDO is the surviving entity after the merger.
Tan received a total of 223,552 shares under his direct ownership and 2,043 shares held on behalf of immediate family members. Each share was valued at P155.10, the value of shares declared as the property dividend.
With this issuance, Tan’s total holdings in BDO rose to nearly 27.5 million shares, representing a 0.5 percent stake in the bank. Based on Wednesday’s closing price of P157.40, the total market value of his holdings amounts to approximately P4.32 billion.
A seasoned international banker, Tan joined BDO in June 1997. Since then, he has led the bank through major financial disruptions, including the 1997–1998 Asian financial crisis and the 2008 global financial crisis, helping transform BDO into the largest lender in the Philippines by assets.
