RCBC accelerates spinoff plans and transfers trust operations to RCBC Trust

Manila, Philippines - Rizal Commercial Banking Corp. (RCBC) has taken substantial measures toward creating RCBC Trust Corp. as an independent trust entity by surrendering its license for trust and fiduciary activity. This move, recently notified to the local exchange, is part of the bank's previously indicated goal to spin off its trust and investments group into a separate trust company, which was first announced in November 2022.

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RCBC has changed its stock transfer agent to RCBC Trust, which is a significant step forward in the evolution of the trust and investments arm. RCBC Trust began operations in January of this year, focusing largely on trust, fiduciary, and investment management services.

All accounts previously held by the RCBC Trust and Investments Group have been effortlessly transferred to RCBC Trust, with assurances that the terms and conditions of these accounts, as well as their management, would remain unaltered after the transition.

RCBC Trust's suite of services includes the management of a variety of financial instruments, such as unit investment trust funds (UITFs), investment management accounts (IMAs), retirement funds, corporate and institutional trust accounts, pre-need trust funds, personal management trusts, mortgage or collateral trusts.

Simultaneously, RCBC's board of directors approved the declaration of cash dividends of P1.014 per share, totaling approximately P2.45 billion, payable between April 12 and 26. The bank has said that actual dividend amounts may be subject to modifications due to variables such as fresh share issuances or preferred share conversions to common shares before the record date.

Throughout these strategic maneuvers, RCBC, led by the Yuchengco group, has displayed strong financial success, generating a record net income of P12.22 billion in 2023. This excellent growth trajectory was powered by a 15% increase in consumer loans, which totaled P622 billion and exceeded industry benchmarks.

As of the end of 2023, RCBC has a formidable network of 458 branches, 1,460 ATMs, and 5,779 ATM Go terminals strategically located throughout the Philippines, demonstrating its dedication to offering accessible banking services.

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Sources & Credits: PhilStar / Keisha Ta-Asan