Tan returns to YGC, named HI head

MANILA, Philippines — Banker Lorenzo Tan is back with the Yuchengco Group after resigning as president and CEO of Rizal Commercial Banking Corp. in 2016 in the midst of the $81 million money laundering issue that rocked the country and the bank at the time.

Yuchengco-owned House of Investments Inc. announced yesterday the appointment of Tan as its new president and CEO.

Tan was president and CEO of RCBC from 2007 to 2016.

He graduated from De La Salle University with a Bachelor of Science degree in Accounting and Commerce and earned his MBA from the Kellogg Graduate School of Management, Northwestern University.

He is a CPA both in the Philippines and in the USA. He started his banking career at Citibank New York, Los Angeles and Singapore.

Prior to his official appointment, Tan served as managing director of Primeiro Partners, a leading independent investment bank focused on the Asia Pacific region.

He was also the president of the Bankers Association of the Philippines (BAP) and the chairman of the Asian Bankers Association (ABA).

Aside from RCBC, he also served as president of Sun Life Financial Phils. (SLF), Philippine National Bank (PNB) and United Coconut Planters Bank (UCPB).

Tan officially assumed the position on July 19. He now carries on the task of continuing to steer HI forward, honoring the legacy of the company’s outgoing president Medel Nera.

Under Nera’s leadership, HI grew its operations, strengthening and diversifying the company’s portfolio.

HI is a listed investment holding and management company with a diversified portfolio and is one of the four major flagship corporations of the Yuchengco Group of Companies (YGC).

It has four business segments – construction and infrastructure (EEI Corp.), education (iPeople Inc.), property services (Landev Corp. and RCBC Realty Corp.) and car dealerships (Honda and Isuzu).

At present, the company’s portfolio investments are in renewable energy (PetroEnergy Resources Corp.), after-life services (Manila Memorial Park Cemetery Inc. and La Funeraria Paz-Sucat Inc.) as well as in pharmaceuticals (HI-EISAI Pharmaceuticals Inc).