Yuchengco steps down as honorary RCBC chair

MANILA, Philippines – Taipan Alfonso Yuchengco has stepped down as honorary chairman of Rizal Commercial Banking Corp. (RCBC), the bank informed the Philippine Stock Exchange (PSE) yesterday.

 At the same time the bank’s board of directors approved Yuchengco’s appointment as chairman emeritus in recognition of his distinguished service. He served as chairman of the board from 1963 until 1995.

Yuchengco, 92, served as ambassador extraordinary plenipotentiary of the Philippines to Japan, ambassador to the People’s Republic of China as well as presidential special envoy to Greater China, Japan and Korea.

Likewise, he served as the country’s permanent representative to the United Nations with the rank of ambassador from 2001 to 2002.

He was the first recipient of the Order of Lakandula with the rank of Bayani (Grand Cross) presented by former president Gloria Macapagal-Arroyo. He was also the first Asian to be elected to the Insurance Hall of Fame by the International Insurance Society Inc.

After his tour of duty in the government, Yuchengco was re-elected to the RCBC board in 2002.

The country’s 32nd richest businessman based on the Forbes list with a net worth of $400 million remains chairman and CEO of RCBC’s major stockholder Pan Malayan Management and Investments Corp.

He is also honorary chairman of the board of MICO Equities Inc. – the holding company of the Malayan Group of Companies and other YGC Companies.

Meanwhile, lawyer Florentino Herrera was elected to RCBC’s board as director. Herrera is the founding partner of Herrera, Teehankee and Cabrera Law Offices and has with him over 37 years of law experience.

Helen Yuchengco-Dee serves as chair of RCBC while former prime minister Cesar EA Virata is vice chairman. Gil Buenaventura took over as president and CEO of the bank last July, replacing Lorenzo Tan.

Other directors include Tze Ching Chan, Richard Westlake, John Law, Yuh-Shing Peng, Armando Medina, former trade secretary Juan Santos, former trade undersecretary and Monetary Board member Melito Salazar Jr., Adelita Vergel de Dios, Amb. Lilia Bautista, Gabriel Claudio, and former Citibanker Vaughn Montes.

The BSP’s Monetary Board slapped a record P1 billion fine against RCBC last Aug. 5 for non-compliance with banking laws and regulations in connection with the money laundering scandal.

RCBC paid the first tranche of P500 million to the BSP last Aug. 12 and the balance of P500 million would be paid a year after.

The listed bank was implicated in the heist after $81 million worth of funds of Bangladesh Bank at the Federal Reserve Bank of New York was coursed through RCBC’s Jupiter Branch in Makati City.

RCBC dismissed and filed charges against RCBC Jupiter branch manager Maia Santos-Deguito and customer service manager Angela Torres.