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July 14, 2024

RCBC removes cap on foreign ownership

Rizal Commercial Banking Corp. (RCBC) led by bankero Eugene Acevedo has removed a cap on foreign ownership as it continues to explore various capital raising opportunities.

The removal of the 40 percent cap on foreign ownership in the Yuchengco-led bank through amendments to its Articles of Incorporation allows it to take in additional strategic foreign investors.

“RCBC management continuously explores various capital raising opportunities. Some of these opportunities include foreign investors. RCBC is amending its Articles of Incorporation in order to accommodate any capital to be provided in the future by a new/existing foreign investors into RCBC,” the bank said in a disclosure to the Philippine Stock Exchange (PSE).

In June last year, the listed bank raised P4.48 billion after Japan’s second largest bank, Sumitomo Mitsui Banking Corp. (SMBC), purchased a five percent stake.

In end 2021, total equity ownership of foreigners in RCBC stood at 28.7 percent. Taipei-based Cathay Life Insurance Corp. has a 22.18 percent stake in the bank.

The Yuchengco Group of Companies controls 50.11 percent of RCBC.