RCBC Savings Bank to merge into parent firm RCBC

ABS-CBN News

Posted at Sep 25 2018 10:47 AM

MANILA - Rizal Commercial Banking Corporation on Tuesday announced the consolidation of its thrift bank subsidiary RCBC Savings Bank into the parent firm subject to regulatory approval.

The proposed transaction will facilitate a more efficient capital deployment and operational costs, and optimized coordination between branches, RCBC told the stock exchange. 

"The Board approved the proposal to merge the subsidiary into the Parent Bank subject to regulatory approvals," the statement said. 

RCBC Savings Bank is 100 percent owned by RCBC.