Philippine bank at centre of $111 million Bangladesh bank heist names new president after previous one quits

Rizal Commercial Banking Corp (RCBC) has appointed new president Gil Buenaventura (right), who is replacing Mr Lorenzo Tan from July 1.
Rizal Commercial Banking Corp (RCBC) has appointed new president Gil Buenaventura (right), who is replacing Mr Lorenzo Tan from July 1.PHOTOS: AFP, DBP WEBSITE
The logo of the RCBC bank at the RCBC building in Manila's financial district on March 11, 2016.
The logo of the RCBC bank at the RCBC building in Manila's financial district on March 11, 2016. PHOTO: AFP

MANILA (Reuters) - Rizal Commercial Banking Corp (RCBC) said on Monday (May 16) that its board has appointed a new president replacing Mr Lorenzo Tan, who resigned but was cleared by the Philippine bank of any wrongdoing in a US$81 million (S$111 million) money laundering scandal.

Mr Gil Buenaventura, currently president and chief executive of state-run Development Bank of the Philippines, will take over as RCBC president and chief executive from July 1, RCBC said in a statement.

The veteran banker is a former senior executive vice-president and chief operating officer of the Bank of the Philippine Islands, one of the country's three biggest lenders.

RCBC, the country's ninth-largest lender by assets, said on May 6 that it had accepted the resignation of Mr Tan.

In early February, unidentified hackers infiltrated the computers at the Bangladesh central bank and tried to transfer US$951 million from its settlement account at the Federal Reserve Bank of New York.

Most transfers were blocked, but US$81 million was sent to four accounts at a branch of RCBC and then moved through a remittance firm and later to casinos and gambling agents. Most of that money is missing.

The Philippine Senate is scheduled to resume its money-laundering probe on May 19.