The board of directors of Rizal Commercial Banking Corp., the tenth-largest lender in terms of assets, appointed veteran banker Eugene Acevedo as deputy chief executive effective Jan. 2 next year.
RCBC said in a statement Tuesday Acevedo’s appointment would be preparatory to the retirement of incumbent RCBC president and chief executive Gil Buenaventura whose three-year contract with the bank would end on June 30, 2019.
Acevedo brings with him over 30 years of solid banking experience gained from local and multinational banks including 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. His exposure focused on corporate banking, 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.
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.
Prior to RCBC, Buenaventura was president of the Development Bank of the Philippines and was senior executive vice president and chief operating officer of the Bank of the Philippine Islands.