BIZ BUZZ: RCBC taps Acevedo’s successor?

Just last month, we reported that veteran banker Eugene Acevedo may soon step down from his post as CEO of Rizal Commercial Banking Corp. (RCBC).

Five years after assuming the leadership position amid a highly turbulent time for the bank, it looks like Acevedo is indeed passing the reins to a trusted colleague.

In a regulatory filing on Tuesday, the country’s sixth largest bank announced the appointment of Reginaldo “Reggie” Anthony Cariaso as the company’s deputy CEO effective Jan. 1, 2025.

Currently RCBC’s head of operations, Cariaso has nearly three decades of experiences in institutional banking, special accounts management and investment banking, including equity and debt capital markets.

He was senior vice president and head of strategy at Ayala-led Bank of the Philippine Islands before moving to RCBC.

Let’s hope that a crisis won’t be welcoming Cariaso, much like how Acevedo started in 2019, or the aftermath of the Bangladesh Bank heist.

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But with Cariaso’s experience, he is surely well-equipped to handle it.

RCBC has yet to confirm whether Acevedo will indeed retire by mid-2025, but we’re on the edge of our seats.