Rizal Commercial Banking Corporation (RCBC), one of the most trusted retail banks in the Philippines, has announced a series of key leadership changes effective January 1, 2025, including the appointment of Reginaldo Anthony B. Cariaso as Deputy Chief Executive Officer.
These changes come alongside the retirement of veteran banker Eugene Acevedo, who has served as RCBC’s CEO since 2019.
Reginaldo Anthony B. Cariaso (rightmost) while accepting an award from AsiaMoney in June 2023
Cariaso takes the helm as Deputy CEO
Cariaso, currently the bank’s Executive Vice President and Group Head of Operations, brings a wealth of experience to his new role.
With nearly three decades in the industry, he has a strong background in institutional banking, special accounts management, and investment banking. Notably, his expertise spans equity and debt capital markets, mergers and acquisitions.
Prior to joining RCBC in 2024, Cariaso held leadership positions at Bank of the Philippine Islands (BPI) for a decade. He also served as Senior Vice President and Head of Strategy, and previously held the presidency of BPI Capital. Cariaso’s international experience also includes roles as Executive Director at Nomura International and JP Morgan.
RCBC enacts broader leadership restructuring
The leadership reshuffle extends beyond the appointment of a Deputy CEO.
Juan Gabriel R. Tomas IV will assume Cariaso’s previous role as Group Head of Operations, transitioning from his current position as Chief Risk Officer and Group Head of Risk Management. Bennett D. Santiago, meanwhile, will take over Tomas’s vacated role, leading the bank’s risk management efforts.
Other notable changes include the appointment of Elizabeth E. Coronel as Group Head of Institutional Banking, overseeing both the small and medium enterprise and corporate banking groups.
Sheila Ricca G. Dioso will head the bank’s compliance efforts as the new Chief Compliance Officer and Head of the Regulatory Affairs Group. Brent C. Estrella, the outgoing Chief Compliance Officer, will transition to a new role focused on control and governance transformation initiatives, reporting directly to the Office of the President & CEO.
RCBC also strengthens leadership at its subsidiary
Simplicio B. Dela Cruz to assume role as President and CEO of Rizal Microbank
The leadership changes extend to RCBC’s subsidiary, Rizal Microbank, Inc.
Simplicio B. Dela Cruz, currently the Division Head for SME Central & Eastern Visayas for RCBC, will assume the role of President and CEO of Rizal Microbank, effective January 1, 2025.
The incumbent President & CEO, Ismael Reyes, will report to the Office of the RCBC President & CEO, tasked with coordinating efforts to transform the bank’s retail and microbanking operations.
Looking back at Acevedo’s legacy of transformation
Eugene Acevedo’s retirement in mid-2025 marks the end of a successful tenure at RCBC.
Upon assuming the CEO position in 2019, he set ambitious goals to double profits and significantly improve return on equity (ROE) within three to five years. These goals aimed to restore RCBC’s standing after the challenges faced in the aftermath of the 2016 money laundering scandal.
Under Acevedo’s leadership, RCBC has demonstrably achieved significant progress. The bank’s group-wide profit reached P12.2 billion last year, with ROE exceeding 9.5%. Additionally, a strategic partnership with Japan’s Sumitomo Mitsui Banking Corp. was established during his tenure.
A new era for RCBC in 2025
While stepping down as CEO, Acevedo is expected to remain active within the Yuchengco group of companies. The leadership reshuffle positions RCBC for continued success under the guidance of seasoned banker Reggie Cariaso.
With his extensive experience and proven track record, Cariaso is well-equipped to lead RCBC into a new era of growth and stability.
These leadership appointments are part of RCBC’s ongoing efforts to adapt to evolving market conditions and strengthen its position as a leading financial institution in the Philippines.
In July this year, Moody’s has actually announced that the bank could face big challenges in sustaining capital over the next 12 to 18 months as it accelerates growth into riskier retail loans.
In its latest report, Moody’s highlighted that the bank’s improvement in capitalization, following a capital infusion from Sumitomo Mitsui Banking Corporation (SMBC) in July 2023, is unlikely to be sustained.
“The change in outlook to stable from positive reflects our expectation that RCBC’s improvement in capitalization following SMBC’s capital infusion is unlikely to be sustained,” Moody’s had warned then.