The Rizal Commercial Banking Corp. (RCBC) chaired by bilyonaryo Helen Yuchengco Dee has amended the bank’s charter to accommodate more foreign investors.
In a meeting on April 25, the RCBC board proposed the deletion of a provision in its articles of incorporation which limits foreign ownership in the bank to 40 percent.
“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 new/existing foreign investors into RCBC,” the bank said.
Foreigners currently own 33 percent of RCBC, the sixth largest private lender in the country based on assets.
RCBC’s biggest stockholders are Pan Malayan Management and Investment and other businesses of the Yuchengco family (50 percent), Taiwan’s largest publicly listed financial holding company Cathay Life Insurance (22 percent), and the World Bank‘s International Finance Corporation.