BIZ BUZZ: RCBC changing of the guard
After going on “beast mode” since assuming the CEO post at Rizal Commercial Banking Corp. five years ago, veteran banker Eugene Acevedo—who became a senior citizen earlier this year— is poised to retire in mid-2025, Biz Buzz learned from the reliable grapevine.
When he took over the helm of RCBC in 2019, Acevedo vowed to double profits (from P4.3 billion in 2018) and jack up the return on equity (ROE) to 10 percent (from 6 percent) in three to five years.
He wanted to restore the RCBC’s standing in the Philippine banking system in the aftermath of the “rogue branch” money laundering scandal in 2016.
It seems that he has pretty much accomplished what he had set out to do. Last year, RCBC’s group-wide profit hit P12.2 billion while ROE stood at 9.53 percent. Japan’s Sumitomo Mitsui Banking Corp. came in as a formidable strategic partner.
This 2024, his last full year as CEO, he has been a prolific writer as well. Just a few months after the successful debut of his nonfiction book “Never Stand Alone,” Acevedo recently launched his second one “Reinvent and Outperform: Becoming a Better Leader.”
After nearly four decades in banking, Acevedo is ready to take it slow and hand over the RCBC CEO post to a worthy successor, although we gather that he is expected to remain active within the Yuchengco group of companies in the years ahead.
The buzz is that Reginaldo “Reggie” Anthony Cariaso, currently executive vice president and head of operations, is the frontrunner to be Acevedo’s successor.
Cariaso, who was raised and educated in the United States and a former US Navy lieutenant, joined RCBC last year.
He has nearly three decades of experience in institutional banking, special accounts management and investment banking, particularly equity and debt capital markets as well as mergers and acquisitions.
Before moving to RCBC, he worked at Bank of the Philippine Islands (BPI) for about 10 years. He was senior vice president and head of strategy at BPI, and prior to that, president of BPI Capital.
He also held the role of executive director at Nomura International and JP Morgan.
Other banks announce leadership changes months ahead of actual turnover. Expect RCBC to make its own announcement soon.
