RCBC Board Approves Merger with RCBC Savings Bank

The board of directors of Rizal Commercial Banking Corp. (RCBC, PSE: RCB) has approved the merger of RCBC Savings Bank into RCBC, subject to regulatory approvals. RCBC Savings Bank, a thrift bank, is 100% owned by RCBC.

The proposed transaction will facilitate for the RCBC Group the following objectives: (1) more efficient capital deployment; (2) more efficient compliance with the Basel 3 liquidity ratios; (3) optimal coordination between the branch banking networks of RCBC and RCBC Savings; (4) medium-term improvement in the funding economics; and, (5) operational cost efficiencies.