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Rizal Commercial Banking Corporation

Bank in the Philippines owned by Yuchengco family

Rizal Commercial Banking Corporation
Summary

Bank in the Philippines owned by Yuchengco family

FieldValue
nameRizal Commercial Banking Corporation
logo_captionThe logo of RCBC since 2017
logo_size200px
imageRCBC Plaza in 2022.jpg
image_size230px
image_captionRCBC Plaza, current headquarters of Rizal Commercial Banking Corporation in Makati.
typePublic
traded_as
key_people
* Reginaldo Cariaso <br />(President and CEO) <ref>{{Cite newsworkPhilippine Starurl=https://www.philstar.com/business/2025/07/02/2454745/rcbc-names-new-president-ceotitle=RCBC names new president, CEO}}
industryFinancial Services
servicesBanking
net_income
net_income_year2024
assets(2024)
parentYuchengco Group of Companies
homepagewww.rcbc.com
foundationMakati, Rizal, Philippines ()
locationMakati, Philippines
ownersYuchengco Group of Companies
Cathay Financial Holdings
International Finance Corporation
SMBC
  • Helen Yuchengco-Dee (Chairwoman)
  • Cesar Virata (Vice Chairman)
  • Reginaldo Cariaso (President and CEO) Cathay Financial Holdings International Finance Corporation SMBC

The Rizal Commercial Banking Corporation (), commonly known as RCBC is one of the largest universal banks in the Philippines with total consolidated resources of Ph₱ 1.2 trillion. It was established in 1960 as a development bank and is licensed by the Bangko Sentral ng Pilipinas (BSP) for both commercial and investment banking. It is currently headquartered at RCBC Plaza in Makati, Metro Manila.

RCBC is majority-owned by the Yuchengco Group of Companies (YGC), one of the oldest and largest conglomerates in Southeast Asia covering over 60 businesses which include the non-life insurance company, Malayan Insurance, a life insurance company joint venture with Sun Life Financial Philippines, SunLifeGREPA Financial, Inc.; the construction company EEI Corp.; educational institutions; and vehicle dealerships. Other significant investors of the bank include the World Bank's International Finance Corporation, Cathay Life Insurance Co., Ltd., a wholly owned subsidiary of Cathay Financial Holding, Ltd., and Sumitomo Mitsui Banking Corporation (SMBC). RCBC issues first US dollar sustainability bonds. RCBC issues VISA, Mastercard, JCB, and UnionPay credit cards through RCBC Bankard.

An RCBC branch in [[Muntinlupa

History

The bank was established by Alfonso Yuchengco on September 23, 1960, as Rizal Development Bank, a small development bank based in Makati, which was then part of Rizal province. It initially operated with 15 employees at a one-room office along Ayala Avenue.{{cite news|url=https://business.inquirer.net/550094/rcbcs-65-years-of-nurturing-passions-fueling-filipino-dreams|title=RCBC's 65 years of nurturing passions, fueling Filipino dreams

In 2000, RCBC acquired major control of Bankard Inc., a credit card company from divestment of Equitable PCI Bank In 2006, the acquisition of almost all assets of Bankard was approved.

In 2007, RCBC acquired the thrift bank Merchants Savings and Loan Association Inc. from Finman Capital Corp. and consolidated it with its own thrift bank RCBC Savings Bank with the aim for increasing its branch network. In 2009, RCBC acquired J.P. Laurel Rural Bank in Batangas to expand microfinance operations to Luzon. On October 28, 2013, RCBC's microfinance subsidiary, Rizal Microbank opened the very first banking office made of recycled shipping container vans in the Philippines. On 2012, RCBC acquired First Malayan Leasing and Finance Corporation and its subsidiary Malayan Rental to enter equipment leasing business.

In 2019, RCBC raised ₱ 15 billion in Peso Bond, the Philippines’ first green finance framework under the ASEAN Green Bond Standards. In June 2019, the Bangko Sentral ng Pilipinas (BSP) approved RCBC's merger with its thrift bank RCBC Savings Bank.

In early 2020, RCBC's board approved a new digital banking platform through the creation of its wholly owned rural bank. In July 2020, RCBC launched its digital bank DiskarTech offering an interest rate of 3.25% per annum with no minimum deposit and maintaining balance. After the Bangko Sentral ng Pilipinas (BSP) released the guidelines for digital banks in December 2020, RCBC's executives said that they have not yet finalized a decision if they will apply for a separate digital bank license.

In January, 2024, Eugene Acevedo, dubbed as ‘The Consummate Banker' was chosen among ‘People of the Year 2024’ by renowned People Asia (December 2023-January 2024 issue), the only Philippine banker in the list. Asiamoney recognized Rizal Commercial Banking Corporation with the Philippines’ Best Bank for Digital award for the fourth consecutive year. Other awards include the Grand Champion for Digital Payments and Financial Inclusion by the Bankers Institute of the Philippines, the Eye on Innovation Award by Gartner, YouTube Challenger Award for its viral and out-of-the-box digital ad campaigns generating combined views of over 17 million, Asia Pacific Enterprise’s Inspirational Brand Award, and 3-peat recognition as Best Retail Bank by Global Banking & Finance Review. Acevedo launched RCBC Boz mobile application, the ATM Go as part of RCBC’s Barangayan Banking, digital banking platform and RCBC Pulz, among others.

On 24 November 2024, it was reported that RCBC has been chosen of one of the preferred financing partners of Tesla in the Philippines, offering a fully digital loan application experience to customers with approval within a single day.

Effective July 1, 2025, Reginaldo B. Cariaso assumed the position of President and CEO.

References

References

  1. "RCBC names new president, CEO". Philippine Star.
  2. "Cariaso takes helm as RCBC president, CEO".
  3. "Japan's SMFG to buy 5% stake in Philippine bank RCBC".
  4. Torres, Ted P.. "IFC acquires 6.7% stake in RCBC". The Philippine Star.
  5. Gatdula, Donnabelle L.. "IFC completes equity investment in RCBC". The Philippine Star.
  6. Dumlao, Doris C.. (January 28, 2015). "RCBC affirms buy-in deal with Taiwan's Cathay Life". Philippine Daily Inquirer.
  7. "Cathay Buys 20% Stake In RCBC". The Manila Times.
  8. "ESG Forum".
  9. Bajo, A. J.. (September 6, 2019). "RCBC sustainability bonds gain strong reception".
  10. BrandRoom, INQUIRER net. (October 12, 2021). "Innovative and secure payment solutions for a cashless Philippines".
  11. (June 13, 2019). "Technology guides RCBC Bankard's strategy for new clients".
  12. Rimando, Lala. (September 15, 2009). "Who is Alfonso Yuchengco?".
  13. "Rizal Commercial Banking Corporation (RCBC)".
  14. "Rizal Commercial Banking Corporation".
  15. "Yuchengco's RCBC takes over Bankard". The Philippine Star.
  16. (December 29, 2006). "December 29, 2006 Newscan".
  17. Torres, Ted P.. "RCBC to buy Merchants Savings thrift bank". The Philippine Star.
  18. "RCBC to acquire rural bank". GMA News.
  19. (February 13, 2009). "RCBC to buy Batangas bank, enter into microfinance". ABS-CBN News.
  20. "RCBC's Rizal MicroBank opens first container van banking office in PH – Rizal MicroBank".
  21. Opiniano, Jeremaiah. (October 31, 2013). "RCBC's Rizal Microbank opens first container van banking office in PH".
  22. Dumlao, Doris C.. (March 19, 2012). "RCBC takes over First Malayan Leasing". Philippine Daily Inquirer.
  23. (March 19, 2012). "BSP approves RCBC acquisition of First Malayan". ABS-CBN News.
  24. (2019). "Press release".
  25. Bajo, A. J.. (February 1, 2019). "RCBC lists P15-B ASEAN green bonds".
  26. Dumlao-Abadilla, Doris. (January 19, 2019). "In first ever green bond offer, RCBC raises P15B". Philippine Daily Inquirer.
  27. Charm, Neil. "RCBC, thrift arm secure BSP's okay for merger - BusinessWorld". BusinessWorld.
  28. (July 24, 2019). "RCBC clears last obstacle in merger with thrift bank". Philippine Daily Inquirer.
  29. (July 23, 2019). "RCBC secures regulator approval for merger with thrift unit". ABS-CBN News.
  30. Charm, Neil. "RCBC to set up digital-only rural bank - BusinessWorld". BusinessWorld.
  31. Dumlao-Abadilla, Doris. (January 29, 2020). "RCBC to set up digital rural banking unit". Philippine Daily Inquirer.
  32. (January 28, 2020). "RCBC to establish rural bank focusing on digital banking".
  33. (July 2, 2020). "RCBC launches DiskarTech app".
  34. (July 17, 2019). "Yuchengco Group of Companies and RCBC launch DiskarTech".
  35. "RCBC DiskarTech app empowers unbanked Filipinos with sachet banking services - Manila Standard".
  36. Laurena, Adam. "How you can move towards financial success with DiskarTech, RCBC's financial super app".
  37. Neil. (June 21, 2022). "BSP unlikely to OK more digital banks in near term".
  38. (December 14, 2020). "RCBC eyes DiskarTech as digital bank".
  39. "Philippine lender RCBC to set up digital bank after SMBC investment".
  40. (January 28, 2024). "RCBC head named among 'People of the Year 2024'".
  41. (January 16, 2024). "RCBC President Eugene Acevedo chosen among 'People of the Year 2024'".
  42. Ta-Asan, Keisha. "Tesla partners with RCBC for financing".
Wikipedia Source

This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.

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