RCBC interested in Equitable PCI

Rizal Commercial Banking Corp. said yesterday it is interested in getting a piece of Equitable PCI Bank.

"Yes, we are interested," RCBC vice chairman Cesar Virata said, confirming talks RCBC is one of three large local banks eyeing Equitable PCI Bank.

Virata pointed out, however, that RCBC has not made any formal proposal to buy a stake in the bank, nor has it gotten feelers from Equitable PCI Bank.

"We have not gotten offers to buy, but if given the numbers, we will be taking a look at it," Virata said.

Earlier, Finance Secretary Jose T. Pardo said there are at least two foreign groups interested in acquiring government’s 37-percent stake in Equitable PCI Bank, the country’s third largest bank.

Banking sources said the interested parties are the AIG or American Insurance Group and Newbridge Capital Inc., a US-based firm with a subsidiary in Singapore.

Aside from these foreign groups, sources said RCBC, Bank of the Philippine Islands and Metrobank, are reportedly also eyeing a stake in the controversial Equitable PCI Bank.Bangko Sentral ng Pilipinas Governor Rafael Buenaventura, welcomed the news saying, "if that is true, then it will mean more consolidation of banks which is good for the banking sector." The BSP chief has been pushing for local banks to consolidate their resources and enact mergers to strengthen them.

Buenaventura said he has not received or was not officially informed of such development that the Go family which owns majority of Equitable PCI Bank, is selling its shares in the bank.

"Equitable PCI Bank is an attractive buy because of its profitable branch network, strong remittance business and good asset quality. The bank is solvent and well capitalized," Buenaventura said. – Rocel Felix