RCBC appoints CEO-in-waiting starting Jan. 2

By: - Reporter / @daxinq
/ 07:14 PM December 10, 2018

Veteran banker Eugene Acevedo has been named deputy CEO of the Rizal Commercial Banking Corp. effective the first working day of 2019 in preparation for the retirement of the bank’s present chief mid next year.

In a statement, RCBC said Acevedo will take the helm of the Yuchengco-controlled financial institution when current president and CEO Gil Buenaventura retires at the end of his three-year contract on June 30, 2019.


The bank’s CEO-in-waiting – a 30-year banking veteran – will have the task of growing the bank which was at the center of the $81-million Bangladesh central bank cyberheist, the aftermath of which Buenaventura was brought in to manage.

Previous to his appointment, Acevedo earned his banking experience gained from local and multinational banks including the Union Bank of the Philippines, 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,” RCBC said. “His exposure focused on corporate and retail banking, treasury, trust, consumer finance, marketing, credit and remittance.”

“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 bank said.

“Buenaventura was able to maintain the bank’s profitability despite the challenges in the market and regulatory environment,” it added.

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

Prior to RCBC, Buenaventura was president of the Development Bank of the Philippines and was senior EVP and COO of the Bank of the Philippine Islands.

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TAGS: Banking, business news, Eugene Acevedo, Philippine news updates, RCBC
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