DBP’s Buenaventura is new RCBC president

Yuchengco-led Rizal Commercial Banking Corp. (RCBC) has named veteran banker Gil Buenaventura, who currently heads state-owned Development Bank of the Philippines, its new president and chief executive effective July 1.

Buenaventura, 63, will succeed Lorenzo Tan, who resigned from his post to give RCBC a free hand to direct the course of its business following the money-laundering incident involving the bank’s Jupiter branch, which has been the subject of a Senate blue ribbon committee hearing.

RCBC’s board approved the appointment of Buenaventura Monday afternoon.

Described as “soft spoken and a quiet worker,” Buenaventura is seen to bring with him a wealth of experience in universal banking and large operations deemed critical to RCBC’s further growth.

Before heading DBP, Buenaventura was senior executive vice president and chief operating officer of Bank of the Philippine Islands.  At BPI, he was in charge of the bank’s major revenue-generating businesses. 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.

He was also president and chief executive of Prudential Bank when it was acquired by BPI and executive vice president at Citytrust Banking Corp.

Buenaventura was with Citibank 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.

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