Alfonso Yuchengco steps down as RCBC honorary chair
MANILA, Philippines – Taipan Alfonso Yuchengco has stepped down as honorary chairman of the Rizal Commercial Banking Corporation (RCBC).
RCBC informed the Philippine Stock Exchange (PSE) about the retirement of the 92-year-old Yuchengco as its honorary chairman on Wednesday, August 31.
"In recognition of his distinguished service to the Bank, he is appointed as Chairman Emeritus," RCBC said in a statement.
It also said that Yuchengco remains the chairman and chief executive officer of RCBC's substantial stockholder, Pan Malayan Management and Investments Corporation; and honorary chairman of the board of MICO Equities, Incorporated, the holding company of the Malayan Group of Companies and other YGC Companies.
With Yuchengco's retirement as its honorary chairman, RCBC announced the appointment of lawyer Florentino Herrera III – founding partner of Herrera, Teehankee and Cabrera Law Offices – as a regular director.
Yuchengco served as RCBC chairman from 1963 to 1995.
He held several diplomatic posts – ambassador to China from 1986 to 1988, and to Japan from 1995 to 1998. He also served as Presidential Special Envoy to China, Japan, and Korea; and Philippine Permanent Representative to the United Nations from 2001 to 2002.
After his stint in government in 2002, he was reelected to the RCBC board.
Yuchengco's retirement as RCBC honorary chairman comes less than a month after the Bangko Sentral ng Pilipinas fined the bank a record P1 billion for non-compliance with banking laws and regulations in connection with the $81-million Bangladesh bank heist.
RCBC paid half of the fine in August, and will pay the balance within the year.
The bank was implicated in the heist after $81 million of the Bangladesh Bank funds at the Federal Reserve Bank of New York was coursed through RCBC’s Jupiter branch in Makati City.
RCBC sacked and filed charges against former RCBC Jupiter branch manager Maia Santos-Deguito and customer service manager Angela Torres.
RCBC president and CEO Lorenzo Tan resigned in May following the controversy, and was replaced by Gil Buenaventura.
Raul Victor Tan, the bank’s treasurer and executive vice president, resigned in April, since Deguito, one of the central figures in case, had worked under him. – Rappler.com