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Thursday, March 28, 2024

RCBC gets nod for merger

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Rizal Commercial Banking Corp. said Tuesday said it secured an approval from the Securities and Exchange Commission to merge with  RCBC Savings Bank. 

RCBC said in a disclosure to the stock exchange the proposed transaction would facilitate a more efficient capital deployment, compliance with the Basel 3 liquidity ratios, optimal coordination between the branch banking networks of RCBC and RCBC Savings, medium-term improvement in the funding economics and operational cost efficiencies. 

RSBC will transfer its net assets to RCBC in exchange for 315,299,053 common shares of RCBC. The RCBC common shares will be issued in exchange for RCBC’s investment in RSB and will be recorded as treasury shares by RCBC.

RCBC obtained the Bangko Sentral ng Pilipinas approval for the merger on June 17, 2019.

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