Cathay Financial open to buying more shares in RCBC

Reuters

Posted at Dec 17 2014 05:29 PM | Updated as of Dec 18 2014 01:29 AM

MANILA - Cathay Financial Holding Co is open to buying more shares in Rizal Commercial Banking Corp (RCBC), its president said on Wednesday.

Cathay Financial said on Tuesday its board had approved its insurance unit's P17.9 billion ($400 million) investment in RCBC, taking a 20 percent stake in the Philippines' ninth largest lender by assets.

"Definitely we are interested to invest for more," Cathay President Lee Chang-Ken told reporters when asked if the company was looking to acquire more shares in the Philippine lender.