RCBC president resigns

MANILA, Philippines - Rizal Commercial Banking Corp. president and chief executive officer Lorenzo Tan has resigned despite being cleared of complicity in a money laundering issue.

According to the RCBC board, an internal investigation found Tan not accountable for the alleged money laundering stemming from the hacking of the Bangladesh central bank where $81 million was siphoned to RCBC.

Tan tendered his resignation to give the bank a free hand to direct the course of its business moving forward, he said in a statement.

He expressed his gratitude to the shareholders, officers and customers of RCBC.

“As I move on to new things, I am confident the bank will continue on the path of growth, with the strong and capable hands of senior management led by Mrs. (Helen) Dee (bank chair),” he said.

“With a heavy heart, I feel the time has come for me to move on and provide my services elsewhere. I leave the Bank content and fulfilled, knowing that I served the company with the kind of principled leadership it deserves.”

He said RCBC’s own investigation found the allegations of his involvement in the money-laundering issue were unfounded and baseless.