Yuchengco-owned Rizal Commercial Banking Corp. (RCBC) will operate a stand-alone trust corporation next year following the Bangko Sentral ng Pilipinas’ (BSP) approval to spin off its trust and investments group within the bank.
In a statement, RCBC said its CBC Trust and Investments Group will soon operate as RCBC Trust Corporation (RCBC Trust).
RCBC Trust President and CEO Robert B. Ramos has confirmed that the BSP has already granted it Authority to Operate last October 10, 2023.
The bank announced last year that it will create a stand-alone trust firm.
“Once we complete the transition and start operating as RCBC Trust Corporation in 2024, we will continue to provide the same level of personalized service that our clients have grown accustomed to over the years,” said Ramos.
Trust corporations are authorized by the BSP to engage in trust and other fiduciary business or to perform investment management services.
Ramos said the new trust company is “now on its final preparations for the transition and will commence its operations on the first business day of 2024.”
Meanwhile, he reassured their clients that the transition “will not change the way the accounts are managed and that all terms and conditions of clients' existing agreements will remain the same except for the change in trustee or agent” which will now be RCBC Trust.
RCBC offers trust services such as the administration of unit investment trust funds, investment management accounts, retirement funds, corporate and institutional trust accounts, pre-need trust funds, personal management trusts, and mortgage or collateral trusts.
As of end-September 2022, there are 23 big banks with trust units, according to BSP data. Five thrift banks also operate a trust business while BSP is also supervising six trust corporations and three non-bank financial intermediaries.