Alfonso Yuchengco retires as RCBC's honorary chair

Tycoon Alfonso Yuchengco has retired as honorary chairman of Rizal Commercial Banking Corp. (RCBC).

In a disclosure to the Philippine Stock Exchange on Wednesday, RCBC announced the retirement of the 93-year-old businessman.

However, "in recognition of Yuchengco's distinguished service to the bank" he was appointed as chairman emeritus.

"The chairman emeritus shall function in an advisory role to the members of the board," the bank said.

Yuchengco will remain as chairman and CEO of RCBC'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.

The businessman served as chairman of the board of RCBC from 1963 until 1995 when he served as ambassador extraordinary plenipotentiary of the Philippines to Japan.

Yuchengco also served as Philippine ambassador to the Peoples Republic of China and presidential special envoy to Greater China, Japan and Korea.

He served as Philippines' permanent representative to the United Nations with the rank of ambassador from 2001 to 2002.

Herrera as regular director

After his stint in government service, Yuchengco was re-elected to RCBC's board and was the honorary chairman since 2002.

"With the retirement of its honorary chairman, RCBC announced the appointment of Atty. Florentino M. Herrera III as regular director," the bank said.

Herrera is the founding partner of Herrera, Teehankee and Cabrera Law Offices.

The bank also announced the recall of secondment to RCBC Forex Corp. of Joseph Colin B. Rodriguez, and his secondment to and appointment as treasurer of RCBC Savings Bank, a wholly-owned subsidiary of RCBC, effective September 1, 2016.

RCBC First Vice President for Corporate Communications Joee Guilas explained the recall of Rodriguez's secondment simply means he will no longer serve as president of RCBC Forex.

"The secondment had to be recalled in order for him to be seconded again to RCBC Savings, this time as its treasury head," Guilas said.

Secondment means being assigned to a subsidiary while keeping your employment in the mother company, he noted.

Cyber heist

RCBC said Rodriguez was seconded to RCBC Savings Bank and appointed as its treasurer for more than 3 years in 2011. In March 2015, he was appointed president of RCBC Forex Corp.

"In 2011, Rodriguez was seconded to RCBC Savings Bank and appointed as its treasurer for more than 3 years. In March 2015, he was appointed president of RCBC Forex Corp.," the bank said.

RCBC has been embroiled in the $81-million Bangladesh Bank heist early this year. Authorities discovered that the stolen money was coursed through fictitious accounts at the RCBC Jupiter Street branch in Makati City before the funds were transferred to casinos and junket operators.

Early this month, the Bangko Sentral ng Pilipinas slapped the bank with a P1-billion fine for "non-compliance with banking laws and regulations in connection with the $81M Bangladesh Bank Cyber Heist." 

RCBC agreed to pay the fined in two equal tranches over a year.

The money laundering scandal compelled RCBC President Lorenzo Tan and Raul Tan to resign since they were implicated in the scheme by sacked Jupiter branch manager Maia Santos-Degutio. The Tans were not related to each other by blood. — VDS, GMA News