Top Two Shareholders of RCBC buy extra $9.48M worth of stock
Pan Malayan Management and Investment Corp. & Taiwan's Cathay Life Insurance, Ltd. boosted their combined stake at 65.02%.
Fitch has rated RCBC at "BB" with a stable outlook. Read the full article below published by Business World.
MANILA -- Rizal Commercial Banking Corp.'s (RCBC) two biggest shareholders have bought an extra $9.48 million worth of stock, taking their combined stakes to 65.02%, the Philippine lender said in a stock exchange filing on Wednesday.
THE LOGO of Rizal Commercial Banking Corp. is seen at the RCBC building in Makati City in this March 11 photo. -- AFP
RCBC is at the center of a Senate investigation into a cyber heist in which $81 million stolen from the Bangladesh Bank's account at the US Federal Reserve Bank of New York was allegedly deposited at RCBC.
In the filing, RCBC said top shareholder Pan Malayan Management and Investment Corp. last week bought 8.8 million shares at P30 apiece, raising its stake to 42.31% from 41.68%.
However, the credit rater also flagged some gaps in corporate governance standards and the non-disclosure of some key Basel standards as weak points in the country's policies.
RCBC's reputation may have suffered from the heist, but its balance sheet remains attractive given its clients and depositors, Mr. Cosio said. A spokesman at Cathay Financial told Reuters it was "confident in (RCBC's) chairman and management team." "The Philippines' market is booming. It is only one of its branches that is being investigated. And RCBC is fully cooperating with investigators," the spokesman said. Unidentified hackers allegedly stole the money in early February and channelled it to casinos and gambling agents in the Philippines via a Manila branch of RCBC. RCBC launched its own investigation and filed a case against two former employees. --Reuters