Lucio Co-led Cosco Capital Inc. on Wednesday said it has tapped the services of former investment banker Roberto Juanchito Dispo as adviser to the board of directors.
Dispo’s appointment will take effect on January 18, Cosco said in a statement.
“Cosco Capital Inc. believes that Dispo’s broad experience in investments, strategic acquisition and management, including his previous position as deputy treasurer of the Philippines, could provide the board with expert guidance to make us more competitive,” the company said.
This is the second appointment of Dispo to a publicly listed company after his retirement from First Metro Investment Corp. (FMIC) as president and CEO.
Earlier this year, Cirtek Holdings Philippines Corp. has appointed Dispo as the company’s vice chairman and president effective January 4.
Dispo served FMIC for close to 18 years. During those years, Dispo, who previously worked with the government as deputy treasurer at the Bureau of the Treasury, was famous in the banking circles after FMIC has arranged several deals for the government. Under his term at FMIC, he created several products such as the retail Treasury Bonds, OFW Bonds and the country’s first exchange-traded fund (TF) currently being traded at the Philippine Stock Exchange.
FMIC last October said Dispo is retiring from the bank effective January 1.
The timing of his retirement, however, was made months after union members and officials of the Development Bank of the Philippines (DBP) filed a graft complaint against 14 of the state-owned bank executives over the so-called wash sales of P14.3 billion worth of government securities.
The DBP union said DBP Treasury Group made the sale to FMIC, allegedly at a loss in various transactions from January to March 2014.
It then bought the said securities on the same date at the same price. It claimed the government lost some P717 million in these transaction.
Dispo, however, was not charged in relation with the said deals.