MANILA, Philippines - Rizal Commercial Banking Corp. (RCBC), the banking unit of the Yuchengco Group is adopting a new platform for growth in the medium term.
In a disclosure to the Philippine Stock Exchange, RCBC said it would focus on cross-selling and customer penetration in the next five years as part of the new strategy.
“A new scalable and nimble core banking platform is now completely operational to support RCBC’s thrust to improve transaction efficiency and productivity,” it said.
Part of the new platform, it added, would involve stepping up less cyclical businesses in microfinance, small and medium enterprises (SME), consumer banking and global transaction services.
RCBC is a strong player in the remittance business with a wide presence overseas through subsidiaries and tie-ups in North America, Europe, the Middle East and Hong Kong.
Reflective of its commitment to the pursuit of systemic corporate governance processes, RCBC recently received the silver award in the corporate governance scorecard for publicly listed companies from the Institute of Corporate Directors.
RCBC was also cited by AsiaMoney as the Overall Best Private Bank and Best Domestic Private Bank in the Philippines and by Finance Asia as one of the Best Managed Companies-Mid-Cap category.
RCBC has been exhibiting steady growth with a 35-percent increase in net income in the first six months of 2012 to P3.01 billion from P2.23 billion in the same period last year.
Total operating income increased 15.52 percent to P10.76 billion as net interest income grew to P5.49 billion.