Rizal Commercial Banking Corporation (RCBC), a development bank based in the Philippines, reportedly is looking to integrate the operations of its microfinance subsidiaries, President Jose Laurel Rural Bank Incorporated (JP Laurel Bank) and Rizal Microbank by April. The surviving entity will be named Rizal Microbank and no changes planned in terms of lending activities or core banking systems. The merged bank will have USD 27.4 million in assets. Currently, JP Laurel Bank has 10 branches in southern Luzon, while Rizal Microbank has eight branches in southern Mindanao.
In 2010, RCBC reported total assets of PHP 320 billion (USD 7.4 billion), return on assets of 1.47 percent, return on equity of 14.07 percent and net income of PHP 4.25 billion (USD 97.7 million).
About RCBC:
Rizal Commercial Banking Corporation (RCBC) was established in 1960 as Rizal Development Bank. In 1962 it received approval from the Philippine central bank to operate as a commercial bank, and it began operations under its current name in 1963. With its subsidiary, RCBC Savings Bank, RCBC has approximately 340 branches in the Philippines. It also offers global remittance services through approximately 160 branches and agents in Asia, the Middle East, the United States, Canada and Europe. In 2010, RCBC reported total assets of PHP 320 billion (USD 7.4 billion), return on assets of 1.47 percent, return on equity of 14.07 percent and net income of PHP 4.25 billion (USD 97.7 million).
By Ariana Malushi, Research Associate
Sources and Additional Resources
Business World Online: “RCBC wants microfinance subsidiaries merged by April”
http://www.bworldonline.com/content.php?section=Finance&title=RCBC-wants-microfinance-subsidiaries-merged-by-April&id=43623
MicroCapital.org Brief: February 11, 2011, “MICROCAPITAL BRIEF: Rizal Commercial Banking Corporation (RCBC) of Philippines Raising Capital for Microfinance Acquisitions”
https://www.microcapital.org/microcapital-brief-rizal-commercial-banking-corporation-rcbc-of-philippines-raising-capital-for-microfinance-acquisitions/
MicroCapital.org Brief: MicroCapital.org Brief, March 31, 2009: Rizal Commercial Banking Corporation (RCBC) of the Philippines to Pay USD 7.8 Million for a 99% Share of JP Laurel Rural Bank,
https://www.microcapital.org/microcapital-story-rizal-commercial-banking-corporation-rcbc-of-the-philippines-to-pay-usd-78-million-for-a-99-share-of-jp-laurel-rural-bank/
MicroCapital Universe Profile: RCBC
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Rizal+Commercial+Banking+Corporation+%28RCBC%29
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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