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RCBC voluntarily gives up trust license

Business | The Stock Market

RCBC voluntarily gives up trust license

By Bernie Cahiles-Magkilat

Yuchengco group’s Rizal Commercial Banking Corp. (RCBC) has initiated a process to surrender its license to conduct trust and other fiduciary business.

A disclosure to the Philippine Stock Exchange on March 26 stated that RCBC has "initiated the process to surrender the Trust License as part of the spin-off of the Trust and Investments Group into a stand-alone trust corporation – RCBC Trust Corporation.”

The bank also announced the change in stock transfer agent from RCBC Trust and Investments Group to RCBC Trust Corporation.

These moves were approved by the Board of Directors at the regular meeting held on March 25, 2024, the disclosure added.

Earlier, the Bangko Sentral ng Pilipinas (BSP) said in a circular that RCBC TC has started its operation on Jan. 2, 2024.

The BSP noted that the RCBC trust unit was registered with the Securities and Exchange Commission on June 29, 2023 while the corresponding Certificate of Authority to Operate was issued by the BSP on Oct. 10, 2023.

The BSP first approved the spin-off, stand alone RCBC TC last March 30, 2023.

Trust corporations are authorized by the BSP to engage in trust and other fiduciary business or to perform investment management services.

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.

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