Two of the biggest shareholders of Rizal Commercial Banking Corp. have purchased an additional $9.48 million worth of stocks after the bank’s share price dropped significantly due to the ongoing money laundering investigation of the Senate.
RCBC said in a regulatory filing top shareholder Pan Malayan Management and Investment Corp last week bought 8.8 million shares at P30 apiece, raising its stake to 42.31 percent from 41.68 percent.
Taiwan’s Cathay Life Insurance, a unit of Cathay Financial Holding Co. Ltd., bought 5.8 million shares also at P30 apiece, upping its stake to 22.71 percent from 22.3 percent.
RCBC said their combined stakes totalled 65.02 percent
RCBC is at the center of a Senate investigation into a cyber heist, in which $81 million stolen from the Bangladesh Bank’s account at the US Federal Reserve Bank of New York was allegedly deposited with RCBC.
The price of RCBC shares fell to 52-week low of P28.75 per share on March 22 after the bank was placed under investigation.
Share price of RCBC dropped 2.8 percent to P31 in Wednesday trading.
Meanwhile, three more big business groups—Ayala Corp., JG Summit Group and Phinma Group of companies—are the latest business groups that vouched for the integrity of the management of Rizal Commercial Banking Corp.
“RCBC has been a reliable and consistent supporter of Ayala›s energy and infrastructure projects. We hope to continue this partnership as we pursue more initiatives that contribute to national development,” said Ayala, AC Energy Holdings Inc. and AC Infrastructure Holdings Corp. president and chief executive Eric Francia.
JG Summit president and chief operating officer Lance Gokongwei expressed his group›s solidarity and confidence in RCBC.
“RCBC has for many decades been a strong supporter of the JG Summit Group, and has been a vital partner in our continuing growth; with a team of RCBC professionals providing us a full suite of banking products including cash management, deposits, loans and transaction services,” Gokongwei said.
“In the many years of our partnership, the JG Summit Group and RCBC have operated under a relationship of deep trust and confidence. We expect this relationship to remain unwavering, and fully expect it to further deepen and strengthen in the coming years. Rest assured of our continuing trust and partnership in your leadership and RCBC in the decades to come,” he added.
Phinma Group of Companies senior vice president and treasurer Pythagoras Brion said «Phinma Group Treasury continues to treasure its banking relationship with RCBC.