RIZAL Commercial Banking Corp. (RCBC) has appointed its former president and chief executive officer (CEO) Eugene S. Acevedo as its new vice chairman, it announced on Tuesday.
RCBC’s board on Monday (Oct. 26) approved Mr. Acevedo’s appointment as vice chair effective on the same date, it said in a disclosure to the stock exchange.
“Mr. Acevedo’s appointment is in view of the passing of former Corporate Vice Chairman and Director Mr. Cesar E.A. Virata,” RCBC said.
Former Prime Minister and Finance Minister Cesar E.A. Virata died on Oct. 2. He served as the corporate vice chairperson for RCBC for 26 years and had been on its board since 1995.
Meanwhile, Mr. Acevedo was the bank’s president and CEO from 2019 to 2025. He was succeeded by Reginaldo Anthony B. Cariaso after his retirement.
He was previously chairman of CitySavings Bank, Inc., the thrift lending arm of Union Bank of the Philippines, and also held senior leadership positions in Citibank.
He was also president and CEO of Philippine National Bank in 2010 to 2011.
RCBC’s attributable net income declined by 51.95% year on year to P1.403 billion in the second quarter. For the first semester, its net profit was at P4.112 billion, down by 23.11% from a year ago.
As of end-June, RCBC was the sixth largest bank in the Philippines with an asset base of P1.649 trillion. — Aaron Michael C. Sy