WHEN he assumed as the new president of the Yuchengco-led Rizal Commercial Banking Corp. (RCBC), Cebuano Eugene Acevedo aims to bring the bank back to one of the top five commercial banks in the country.
“Our big goal is to go back to being number five in terms of resources and profitability,” said Acevedo.
He succeeded Gil Buenaventura who retired at the end of his three-year contract in June 2019. Acevedo’s assumed as the new RCBC president effective July 1, 2019. He will be now overseeing the operations of RCBC’S 507 branches nationwide.
Barely a month into the role, Acevedo has drawn RCBC’s roadmap for growth with clearly defined tasks focused primarily on improving revenue and profitability. This includes, among others, a renewed focus on its retail and small and medium enterprise business while implementing key organizational changes, redefining goals and rationalizing processes.
One of his key programs is to reach out to the grassroots level by tapping sari-sari store owners to become the bank’s partner in spreading financial literacy to far-flung communities.
He also promised to boost the banks digital growth with the use of the latest technology like apps, artificial intelligence, robotics and data analytics.
Leadership roles
Prior to his new role in RCBC, the Cebuano banker held senior leadership positions in three banking organizations.
As a managing director with Citibank, he was the regional head of derivatives structuring based in Singapore, country treasurer for the Philippines and Hong Kong, global markets head for Hong Kong, Taiwan, Macau and treasurer of Citicorp International Ltd.
Acevedo also served as president of the Philippine National Bank and as chairman of the Aboitiz-led CitySavings, where his team used technology to transform the bank’s customer service experience. Under his leadership, CitySavings produced the highest return of equity in the industry, delivering over a third of UnionBank’s earnings.
Achiever
Acevedo studied at the University of San Carlos (USC) where he graduated magna cum laude with a BS Physics degree and as a scholar of the Department of Science and Technology.
At USC, he was chairman of the science student council and president of several student organizations. He was one of the 10 outstanding graduates of his batch, won a leadership award and was a national awardee for academic excellence in science.
He finished his masters in business administration at the Asian Institute of Management (AIM), ranking first in his graduating class. Likewise, he completed an advanced management program at the Harvard Business School.
Acevedo is armed with a wide and deep understanding of digital technology and strategy, with certifications from leading global educational institutions.
He completed the blockchain and artificial intelligence programs of Massachusetts Institute of Technology, the Oxford fintech program and the Berkeley digital transformation course. He is also a digital marketing professional certified by The Wharton School, has user experience accreditation from the British Computer Society Chartered Institute of Information Technology and is a qualified blockchain and crypto-currency expert with the Blockchain Council.
Acevedo also completed the executive data science certification of the Johns Hopkins University.
What was your first job?
I was a physics lecturer at the USC and University of the Philippines Diliman.
Who inspired you to get into banking?
I was inspired by the story of Elrey Ramos, a brilliant young banker, who rose to become senior vice president at an early age despite coming from a humble background.
As a university student, I used to read some internal magazines of Family Savings Bank.
When did you realize this was what you were meant to do and why did you pick this type of career or industry?
Aside from the inspiration I got from Elrey’s story, it was through the Citibank executive training program that I found myself thoroughly challenged and excited with the work of a banker.
This excitement became a deeper sense of purpose when I started to lead businesses serving the mass market and microfinance borrowers.
Where did you get the training/s you needed to succeed?
My training as a physicist with its quantitative discipline, was a good start. At the USC, the Student Affairs Office required me to go through training programs that turned me into a complete student leader. At the AIM, I learned about business management.
However, it was in Citibank, the “university of banking,” where I learned my trade as a banker. I’m a product of all these cumulative steps.
How many times did you fail before you succeeded?
I have had my wrong turns and made mistakes but learned from them. The lesson is: I would never have gotten this far if I was not afraid to try.
I always remind my subordinates that if something scares you and makes you anxious, it is probably worth doing.