Banker Lorenzo Tan, former president of Rizal Commercial Banking Corp. (RCBC), is now board advisor of Primeiro Partners, an independent investment bank with operations in Manila.
In a press statement, Tan said he aims to “build an unparalleled financial advisory and investment firm” which will be based on “deep relationships, knowledge and excellence.”
“We are already working on a number of deals and ideas,” said Tan.
Primeiro Partners managing partner Stephen Sieh said getting Tan on board is a “profound step forward for Primeiro.” “There is no better industry leader and advisor more respected than Lorenzo. He epitomizes the values of achievement, integrity and wisdom, which are the core of our firm,” he added.
Tan was CEO and president of RCBC from 2007 until 2016 when he opted to quit his post after his bank was embroiled in a $81- million bank heist scandal that involved Bangladesh Bank.
RCBC has cleared Tan of “complicity in money laundering” before his resignation.
Before RCBC, Tan was president and CEO of Sun Life of Canada (Philippines). Prior Sun Life, he was president of United Coconut Planters Bank and before that, Philippine National Bank.
Also a former Citibanker, Tan was president of the Bankers Association of the Philippines from 2013 to 2016.