RCBC says 'not in talks' to sell majority stake


Posted at Oct 27 2017 10:39 AM

MANILA - Rizal Commercial Banking Corp said Friday it was "not in talks" for the sale of a majority stake, after a newspaper report said 2 larger lenders were prospective buyers.

The Philippine Daily Inquirer reported that BDO Unibank, the country's largest, and Bank of the Philippine Islands might buy into RCBC, which was fined P1 billion by the central bank last year over the $81-million heist on Bangladesh's foreign reserves.

Shares of RCBC breached the P62 level this week from around P50 in late September. It was trading at P59.80 early Friday, down 0.08 percent from the previous day.

RCBC told the stock exchange it was "not in talks or discussion with anyone regarding the sale of a majority stake or any merger." It added: "Information other than those disclosed by the Bank is purely speculative."

BDO said it "has always been open" to acquisitions that would grow its business but there were "no definite discussions regarding an acquisition of or investment" in RCBC.

BPI said it was "not in discussions with RCBC or its shareholders."