RCBC Investigating Deposit of $81M at Jupiter Branch

MAKATI—(PHStocks)—Rizal Commercial Banking Corp. (RCBC, PSE: RCB) is investigating the deposit of $81 million in its Jupiter branch and the subsequent transactions thereon, RCBC’s Corporate Vice Chairman Cesar E.A. Virata said in a statement. Virata assured that the bank is cognizant of its bank secrecy obligations and will at all times maintain confidentiality of its accounts.

RCBC is fully committed to comply with all banking laws and regulations, in particular those on money laundering. The bank has timely submitted the required reports to the AMLC and will cooperate with government regulators. The bank investigation will involve a committee appointed by the board, assisted by SVG and external counsel.

Virata said that the bank will issue subsequent reports and statement as the investigation progresses.

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