Rizal Commercial Banking Corporation
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| Public (: RCB) | |
| Industry | Finance |
| Founded | Manila, Philippines (1960) |
| Headquarters | Makati, Philippines |
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Key people
|
Helen Y. Dee, (Chairwoman) Cesar Virata, (Vice Chairman) Gil A. Buenaventura, (President and CEO) |
| Services | Banking |
| ₱3.86 billion (2016) | |
| Total assets | ₱521.46 billion (2016) |
| Owners |
Yuchengco Group of Companies Cathay Financial Holdings International Finance Corporation |
| Parent | Yuchengco Group of Companies |
| Website | www.rcbc.com |
The Rizal Commercial Banking Corporation (RCBC) 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 one of the largest universal banks in the Philippines with total consolidated resources of Php 516.6billion as of end-2015.
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 leading non-life insurance company, Malayan Insurance, a life insurance company joint venture with Sun Life Financial Philippines, Sun Life Grepa Financial, Inc. ; the leading globally-oriented construction company EEI Corp.; top educational institutions; and vehicle dealerships. Other significant investors of the bank include the World Bank's International Finance Corporation and Cathay Life Insurance Co., Ltd., a wholly owned subsidiary of Cathay Financial Holding., Ltd., the largest publicly-listed holding company in Taiwan.
RCBC opened for business as a small development bank in 1960, then went through rapid expansion to become the preferred banker to a wide range of markets: the Filipino-Chinese market, the corporate market, locators in the export processing zones, the middle market, and the consumer/ retail market.
In 1964, RCBC marked a significant presence in the Filipino-Chinese business community with the opening of its first branch in Binondo. In 1967, this foothold was strengthened when Ambassador Alfonso T. Yuchengco, founder of the Yuchengco Group of Companies (YGC), assumed the Chairmanship of the board. Because of his strong ties with the Filipino-Chinese business community and the Bank's record in serving this market, the Filipino-Chinese market has remained to be one of the Bank's major market niches.
In 1973, Chairman Yuchengco deemed it crucial to invite two international banks to raise the level of banking expertise of RCBC in trade financing, international banking, credit control, and systems and procedure to global standards. These were the Continental Illinois National Bank and Trust Co. of Chicago, USA (CONNILL) and The United Financial of Japan. The tie-up with these banks reinforced the role of RCBC among corporate clients who preferred institutions with international banking expertise. Further, the affiliation with The United Financial of Japan opened another market for RCBC: the Japanese market. Together, the corporate, the Filipino-Chinese and Japanese markets account for a substantial share of the Bank's portfolio.
The period marked the rapid branch expansion for the Bank. While most of its peers were establishing branches within Metro Manila, RCBC pursued branch expansion in key growth areas like the export processing zones. This enabled the bank to tap and forge long-term relationships with the foreign locators especially those in the semiconductor industry.
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Wikipedia