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July 14, 2024

RCBC trust unit begins operations

RCBC Trust Corporation, the trust unit of Rizal Commercial Banking Corp., (RCBC), began operations on January 2, 2024, according to a circular letter from the Bangko Sentral ng Pilipinas (BSP).

The BSP said RCBC TC’s establishment was preceded by its registration with the Securities and Exchange Commission on June 29, 2023. Subsequently, the BSP issued the certificate of authority to operate on October 10, 2023.

The approval for the creation of the standalone RCBC TC was granted by the BSP on March 30, 2023.

Formerly known as the CBC Trust and Investments Group of RCBC, RCBC TC is now an independent entity.

Under BSP authorization, trust corporations like RCBC TC are permitted to engage in trust and fiduciary activities and offer investment management services.

RCBC TC’s range of trust services includes the administration of unit investment trust funds, investment management accounts, retirement funds, corporate and institutional trust accounts, pre-need trust funds, personal management trusts, and mortgage or collateral trusts.