RCBC surrenders trust license, spins off trust arm
Rizal Commercial Banking Corp. (RCBC) has voluntarily given up its license to conduct trust and other fiduciary business in line with the establishment of RCBC Trust Corp. as a separate trust entity.
In an announcement made to the local stock exchange, the bank disclosed that this move is part of the process to spin off its trust and investments group into a stand-alone trust company, a plan that was initially revealed in November 2022.
Furthermore, RCBC has also transferred its stock transfer agent to RCBC Trust.
RCBC Trust, the trust and investments arm of RCBC, began its operations in January this year, focusing on trust services, other fiduciary activities, and investment management.
All accounts previously under the RCBC Trust and Investments Group have been moved to RCBC Trust, with the terms and agreements governing these accounts remaining the same despite the transfer.
RCBC Trust’s services include managing unit investment trust funds (UITFs), investment management accounts (IMAs), retirement funds, corporate and institutional trust accounts, pre-need trust funds, personal management trusts, and mortgage or collateral trusts.
In a separate development, RCBC’s board of directors has approved the declaration of P1.014 per share cash dividends, totaling approximately P2.45 billion, for preferred and common shareholders. The dividends are set to be distributed between April 12 and 26.
RCBC, led by the Yuchengco Group, saw its net income rise by 1.1 percent, reaching a record P12.22 billion in 2023, driven by a 15 percent increase in customer loans to P622 billion, surpassing the industry average.
By the end of 2023, RCBC boasted a consolidated network of 458 branches, 1,460 ATMs, and 5,779 ATM Go terminals strategically positioned across the country.
