MANILA -- Rizal Commercial Banking Corp said Tuesday it secured approval from the Securities and Exchange Commission to merge with its thrift unit.

The regulator approved the merger between RCBC and RCBC Savings Bank on Monday, the lender said. The Bangko Sentral ng Pilipinas approved the deal in June, RCBC said in a disclosure.

RCBC is the country's 10th largest commercial bank in terms of assets while RCBC Savings is the 3rd largest thrift lender, according to BSP data.

The merger is expected to result in more efficient capital deployment, compliance with the international banking accord Basel 3, optimal coordination among branches, improvement in funding economics and cost efficiencies, RCBC said.

Shares of RCBC were down 0.88 percent to P28.20 in early trading Tuesday, against a 0.11-percent decline in the main index.