Businessman and former ambassador Alfonso Yuchengo has retired as honorary chairman of Rizal Commercial Banking Corp., the bank announced Wednesday.
RCBC said in recognition of his service to the bank, Yuchengo was appointed as chairman emeritus. His daughter Helen Yuchengo Dee serves as the board chairperson of RCBC.
RCBC said Yuchengco would also remain as chairman and chief executive of the bank’s substantial stockholder, Pan Malayan Management and Investments Corp. and honorary chairman of the board of Mico Equities Inc., the holding company of the Malayan Group of Companies and other YGC Companies.
Yuchengco, 93, served as chairman of the board of RCBC from 1963 until 1995 when he served as ambassador to Japan. He also served as Philippine ambassador to China and presidential special envoy to Greater China, Japan and Korea.
He served as the Philippines’ permanent representative to the United Nations with the rank of ambassador from 2001 and 2002.
He was the first recipient of the Order of Lakandula with the rank of Bayani (Grand Cross) presented by President Gloria Macapagal-Arroyo.
Yuchengco was also the first Asian to be elected to the Insurance Hall of Fame by the International Insurance Society Inc. Following his service in government, he was re-elected to RCBC’s board of directors in 2002.
With his retirement, the board also announced the appointment of Florentino Herrera III as a regular director. Herrera is the founding partner of Herrera, Teehankee and Cabrera Law Offices and has with him over 37 years of law experience.
Former RCBC president and chief executive Lorenzo Tan earlier resigned from his post after the bank was found involved in the $81-million money laundering scam in February this year. He was succeeded by Gil Buenaventura.
Bangko Sentral ng Pilipinas earlier fined RCBC P1 billion for its involvement in the scam.