RCBC taps Eugene Acevedo as deputy CEO

MANILA, Philippines — Rizal Commercial Banking Corp. (RCBC) has appointed a deputy chief executive officer in preparation for the impending changing of the guard next year.

In a disclosure, RCBC said its board of directors approved the appointment of former City Savings Bank chairman and Union Bank of the Philippines senior executive vice president Eugene Acevedo as deputy CEO starting Jan. 2.

RCBC said Acevedo’s appointment is in preparation for the retirement of incumbent RCBC president and CEO Gil Buenaventura whose three-year contract with the bank ends on June 30 next year.

Acevedo brings with him over 30 years of solid banking experience gained from local and multinational banks including UnionBank, Philippine National Bank, Citigroup, Citibank N.A. Philippines, Citibank N.A. Singapore, and Citibank N.A. Hong Kong.

He has expertise in strategy formulation, business development, origination, relationship building, cost reduction, and risk control.

Buenaventura joined RCBC at the height of the Bangladesh cyber heist issue with a mandate to stabilize and improve its operations, strengthen its internal systems and procedures, and meet regulatory requirements that would allow the bank to provide more competitive products and services.

The Bangko Sentral ng Pilipinas (BSP) imposed a record P1 billion fine on RCBC after the financial institution was used as a conduit in the laundering of $81 million funds owned by the Bangladesh central bank.

Buenaventura was able to maintain the bank’s profitability despite the challenges in the market and regulatory environment.

The bank also raised additional capital from a successful P15 billion stock rights offering making it better capitalized and well positioned to sustain its growth.

It also raised $450 million from the issuance of senior unsecured, fixed rate notes as part of its $2 billion medium term note program. It raised $300 million in the international debt market in March and another $150 million in April.