Araneta won’t seek new term as RCBC president

Rizal Commercial Banking Corp. (RCBC) president Valentin Araneta will not stand for re-election as director at the bank’s forthcoming annual stockholders’ meeting on June 30, 2003, and as president/COO during the organizational board meeting on same day.

Having completed major projects that the bank undertook in Treasury, the branch network as integrated delivery channels and capital raising exercises, Araneta had expressed his desire to spend more time with his family and to look at other interests after June 30, 2003.

RCBC in a statement said it received his decision with regret. Araneta will, however, remain with the bank as a consultant.

Araneta was appointed president and chief operating officer of RCBC on July 25, 2000. He joined RCBC in July 1999, initially as corporate treasurer and executive vice president for its Investment Banking Group. He started working with the Yuchengco Group of Companies as vice chairman of Great Pacific Savings Bank. He served in this capacity until June 1999 when it was sold to ABN-AMRO.

Meanwhile, Rizalino S. Navarro remains chairman while Cesar E.A. Virata continues as vice-chairman and acting chief executive officer.