RCBC appoints new EVP, SVP

Almost a month after six of its officers were criminally charged for their supposed involvement in the $81-million money laundering scheme in February, the Rizal Commercial Banking Corp. (RCBC) on Tuesday announced the entry of a new chief operating officer with a rank of executive vice president.

The bank also hired a new head of Credit Management Group with the rank of senior vice president.

In a regulatory filing on Tuesday, the Yuchengco-led lender said it hired Richard Chua Lim as COO with the rank of EVP, effective January 16, 2017.

"Mr. Lim has over twenty-five years of professional experience in retail banking, marketing management, cash management services and consumer sales in the banking industry," it said.

In the same disclosure, RCBC noted it also hired Benett Clarence D. Santiago as head of the Credit Management Group with the rank of first senior vice president, effective also on January 16, 2017.

"Mr. Santiago has over twenty-one years of professional experience in risk management with significant years focused on commercial risk management and evaluation as well as enterprise risk management," the filing read.

According to RCBC, Santiago earlier served as head of the Commercial Banking Credit Evaluation Unit of the BDO Universal Bank, risk head at Citi Commercial Bank, Chief Compliance Officer of the Union Bank of the Philippines, and head of the Risk Management Center at the International Exchange Bank.

"This is part of the normal course of business since the former head of the Credit Management Group retired already at the age of 60," Liza Marie Vengco, RCBC vice president for Corporate Affairs, said in a text message.

The announcements come almost one month after six of its officers were slapped with criminal charges by the Anti-Money Laundering Council (AMLC) for their supposed involvement in laundering $81 million stolen from the account of the Bangladesh Bank at the Federal Reserve Bank of New York.

The AMLC filed the complaints before the Department of Justice (DOJ) on November 18, against former RCBC Treasurer Raul Victor Tan, National Sales Director for Retail Banking Ismael Reyes, Regional Sales Director for Retail Banking Brigitte Capiña, Direct Sales Director Nestor Pineda, Customer Service Head for Jupiter Business Center Romualdo Agarrado, and Senior Customer Relations Officer for Jupiter Business Center Angela Ruth Torres.

On November 29, the bank then announced the resignation of Legal and Regulatory Affairs Group Head Maria Celia Fernandez-Estavillo, effective December 31 "to pursue other endeavors." —VS/ALG, GMA News