Outgoing SSS chair, DBP CEO join RCBC

MANILA - Outgoing Social Security Commission Chairman Juan B. Santos and Centro Escolar University (CEU) School of Accountancy and Management Dean Melito Salazar have joined the board of Rizal Commercial Banking Corp (RCBC).

They are joining former Insurance Commissioner Atty. Adelita Vergel De Dios, who was named independent director and outgoing Development Bank of the Philippines (DBP) CEO Gil Buenaventura, who was appointed RCBC president and CEO.

Buenaventura replaces Lorenzo Tan, who stepped down amid the $81-M money laundering scandal involving funds allegedly stolen from the Bank of Bangladesh.

RCBC said it has since instituted reforms to tighten banking security, including lowering the threshold for remittances before reports are generated, and strengthening the process of escalating and reporting unusual transactions.