RCBC to surrender trust license

MANILA, Philippines — Rizal Commercial Banking Corp. (RCBC) is looking to surrender its license to engage in trust and other fiduciary business as part of its efforts to make RCBC Trust Corp. a stand-alone trust entity.

In a disclosure to the local bourse yesterday, the bank said this is part of the spinoff of its trust and investments group into a stand-alone trust company, which was first announced in November 2022.

The bank has also changed its stock transfer agent to RCBC Trust.

RCBC Trust, the trust and investments arm of RCBC, started operations in January this year and has engaged primarily in trust, other fiduciary business and investment management activities.

All accounts of the RCBC Trust and Investments Group have been transferred to RCBC Trust, the bank earlier said. The terms and conditions of the agreements covering these accounts, including the way they have been managed, will remain unchanged despite the transfer.

Services of RCBC Trust include the administration of unit investment trust funds (UITFs), investment management accounts (IMAs), retirement funds, corporate and institutional trust accounts, pre-need trust funds, personal management trusts and mortgage or collateral trusts.

Meanwhile, RCBC’s board of directors approved the declaration of P1.014 per share cash dividends, or a total of around P2.45 billion, to holders of preferred and common shares. This is payable within April 12 to 26.

“The actual and final amount of cash dividends may change for new or additional issuance of shares and if there are conversions of preferred shares to common shares prior to and up to record date. The bank’s preferred shares are unlisted preferred shares,” the bank said.

Yuchengco-led RCBC grew its net income by 1.1 percent to hit a record P12.22 billion in 2023 as customer loans went up by 15 percent to P622 billion, outpacing the industry average.

As of end-2023, RCBC had a total consolidated network of 458 branches, 1,460 ATMs and 5,779 ATM Go terminals strategically located nationwide.