HOUSE of Investments Inc. (HI) has appointed banker Lorenzo V. Tan as its president and chief executive officer.

In a disclosure to the stock exchange, the listed holding company of the Yuchengco Group said Mr. Tan officially took office on Friday.

“He now carries on the task of continuing to steer House of Investments, Inc., honoring the legacy of the company’s outgoing president Mr. Medel Nera,” the company said in a statement.

Mr. Tan was previously the managing director of Primeiro Partners, an independent investment bank. He was also formerly the president of the Bankers Association of the Philippines (BAP) and chairman of the Asian Bankers Association (ABA).

He was also president and chief executive officer of Yuchengco-led Rizal Commercial Banking Corp. (RCBC), Sunlife Financial Phils., Philippine National Bank (PNB), and United Coconut Planters Bank (UCPB).

He quit RCBC in May 2016, despite being cleared of any wrongdoing in connection with the $81 million money laundering scandal involving funds stolen from the Bangladesh central bank.

Mr. Tan began his career in Citibank New York, Los Angeles and Singapore.

HI’s businesses include construction (EEI Corp.), education (iPeople Inc.), renewable energy (Petroenergy Resources Corp.), property (Manila Memorial Park Cemetery, Inc. and RCBC Realty), pharmaceuticals (HI-EISAI Pharmaceutical Inc.) and automobile (Honda and Isuzu dealerships).

Shares in HI went up 0.15% or 0.01 centavos to P6.50 each on Friday. — Vincent Mariel P. Galang