RCBC names Buenaventura new president

MANILA, Philippines - Yuchengco-led Rizal Commercial Banking Corp. (RCBC) has tapped Development Bank of the Philippines president Gil Buenaventura as its new president replacing Lorenzo Tan who tendered his resignation after being cleared from the $81 million bank heist.

Buenaventura, a seasoned banker, would become president and chief executive officer of RCBC starting July 1.

“Soft spoken and a quiet worker, Buenaventura brings with him a wealth of experience in universal banking and large operations that is critical to RCBC’s further growth,” RCBC said in a statement after the bank’s Board of Directors approved the appointment.

Buenaventura, 63, steered DBP to unprecedented growth in terms of income and total resources. DBP is among the top 10 banks in the country.

DBP Is the country’s seventh largest bank in terms of assets with P508.46 billion and 10th in terms of capital with P37.66 billion last year.

President Aquino has issued Executive Order 198 last Feb. 4 approving the merger between Land Bank of the Philippines and DBP to create the country’s second largest bank.

Buenaventura was a former senior executive vice president and chief operating officer of the Bank of the Philippine Islands (BPI) and president and chief executive officer of Prudential Bank when it was acquired by BPI.

He also served as executive vice president of Citytrust Banking Corp. and a Citibanker for 18 years where he started as chief of staff to the country head and rose to become vice president, group head and senior credit officer.

Buenaventura obtained his Bachelor of Arts in Economics from the University of San Francisco and his MBA in Finance from the University of Wisconsin.

At BPI, he was in charge of the bank’s major revenue-generating businesses and was either chairman or a member of the board of directors of BPI’s various subsidiaries.

He also managed the bank’s special business units and several subsidiaries, and exercised direct oversight over non-revenue areas including information systems, human resources, and central operations.

Tan, who was dragged into the money laundering scandal by dismissed RCBC Jupiter branch manager Maia Santos-Deguito, tendered his resignation last May 5 after being cleared by the bank owned by taipan Alfonso Yuchengco of any wrong doing in the $81 million bank heist.

Tan ended his almost a decade term at the listed universal bank after the culmination of RCBC’s Board Committee-led investigation on the recent money laundering incident.

Tan tendered his resignation to give its Board of Directors a free hand to direct the course of its business moving forward. He went on leave last March 23.

RCBC chair Helen Yuchengco-Dee together with vice chair Cesar Virata and director Aramando Medina would continue to oversee the bank’s day to day operations.

RCBC treasurer Raul Victor Tan also tendered his resignation last April 21.

RCBC’s investigation headed by its external lawyers and SGV & Co. cleared Tan of any knowledge, involvement or participation in the unauthorized transfer to RCBC of $81 million stolen from Bangladesh Bank.

The Senate Blue Ribbon Committee is set to resume the hearing on the money laundering scandal on May 19.

Tan has filed civil and criminal cases against Deguito and lawyer Ferdiand Topacio for libel and perjury, after she and Topacio implicated him as the mastermind in the money-laundering activity.