RCBC says to merge with thrift unit RCBC Savings

ABS-CBN News

Posted at Nov 27 2018 09:20 AM

A security guard stands guard outside a branch of Rizal Commercial Banking Corporation in Paranaque City. Erik De Castro, Reuters/File

MANILA -- Rizal Commercial Banking Corp (RCBC) said Monday it was merging with its thrift arm, RCBC Savings Bank (RSB).

RCBC will be the surviving entity after the merger, which will become effective on July 1, 2019, according to a stock exchange filing. The RCBC board approved the plan on Monday.

A special stockholders meeting of RCBC was scheduled on Feb. 26 to submit the merger for approval, according to the disclosure.

RCBC had an authorized capital stock of P28 billion compared to RSB's P5 billion, according to the articles of merger that was submitted to the exchange.