DHAKA: Rizal Commercial Banking Corporation (RCBC) president and chief executive officer Lorenzo Tan resigned to take “moral responsibility” for the Philippine lender’s involvement in the $81 million laundering of Bangladesh Bank (BB) reserves.

His resignation came though an internal investigation by the lender cleared him from any wrongdoing in relation to the banking heist, reports bloomberg.com.

RCBC board accepted the resignation with regrets, the company said in a statement.

Chairman Helen Dee will oversee the bank operations until a replacement is appointed, it said.

The exit of Tan, who led the bank since 2007, follows the resignation of Treasurer Raul Tan last month amid the Philippine Senate’s investigation on the money stolen from Bangladesh that were transferred to Rizal Bank accounts.

The funds disappeared after being withdrawn and cashed out via the country’s casino industry.

“Despite having been cleared of any wrongdoing, as president and CEO of RCBC, I take full moral responsibility for this sad incident in the history of the bank,” Lorenzo Tan, who has been on leave since March to clear his name, said in a separate statement.

BDST: 2107 HRS, MAY 06, 2016
SR