Yuchengco’s House of Investments appoints Lorenzo Tan as new president

Former Rizal Commercial Banking Corp. president and CEO Lorenzo Tan is now the top official of House of Investments Inc.

In a statement on Friday, the holding and management company of the Yuchengco Group of Companies said its board of directors has appointed Tan as its new president and CEO.

In 2016, Tan resigned as president and CEO of Yuchengco-led RCBC in the wake of the $81-million money laundering scheme, in which Jupiter branch manager Maia Santos-Deguito implicated him of having knowledge of the transactions involving the money stolen from the Bangladesh Bank’s account at the Federal Reserve Bank of New York.

RCBC has cleared Tan of any breach of bank rules and policies after its own investigation.

Prior to his appointment at the House of Investments, Tan served as managing director in Primeiro Partners, an independent investment bank focused on the Asia Pacific Region.

He officially took office on July 19, 2019, replacing outgoing president Medel Nera. —Ted Cordero/VDS, GMA News