Quantcast
Latest Stories

IFC hikes stake in Yuchengco-led bank

By

Yuchengco-led Rizal Commercial Banking Corp. is getting a fresh capital infusion of at least $100 million from the International Finance Corp., the private sector arm of the World Bank Group.

This transaction will expand IFC’s interest in RCBC to 12.7 percent, said John Deveras, head of strategic initiatives at RCBC.

IFC made its entry into the bank in 2011 with an initial interest of 7.2 percent, which entitled the multilateral organization a board seat in RCBC.

In a disclosure to the Philippine Stock Exchange on Friday, RCBC said its board had approved the private placement from IFC. In addition, IFC was given the option to buy up to $15 million out of the $100 million worth of new common shares earmarked for CVC Capital, another strategic investor in RCBC.

CVC Capital, for its part, will not increase its stake in the bank, Deveras said.

RCBC has tapped Credit Suisse as financial adviser for the private placement transaction.

This transaction is in line with IFC’s plans to increase its stake in the Philippine financial sector and the need for RCBC to raise core or tier 1 capital to prepare for Basel 3 capital adequacy requirements presented a good opportunity.

At present, IFC has a minority stake in two other banks—tycoon Henry Sy’s Banco de Oro Unibank, the country’s largest bank, and the Tambuntings’ Planters Development Bank, which is a leading player in small and medium enterprise lending.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , capital infusion , IFC , RCBC



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Anti-gay demo in Ethiopia cancelled
  • Obama launches measures to support solar energy in US
  • Nebraska toddler gets stuck inside claw machine
  • Philippine eagle rescued by Army turned over to DENR
  • Gunmen attack Iraq military base, kill 10 soldiers
  • Sports

  • Vietnam says it will not host Asian Games
  • Nadal passes clay landmark with 300th victory
  • Wawrinka waltzes through with Monte Carlo walkover
  • Power Pinays smash India in Asian Women’s Club volleyball opener
  • PH youth boxers off to stumbling start in AIBA World tilt
  • Lifestyle

  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • This is not just a farm
  • Clams and garlic, softshell crab risotto–not your usual seafood fare for Holy Week
  • Entertainment

  • Cannes film festival launches race for 2014 Palme d’Or
  • Jones, Godard, Cronenberg in competition at Cannes
  • Will Arnett files for divorce from Amy Poehler
  • American rapper cuts own penis, jumps off building
  • Jay Z to bring Made in America music fest to LA
  • Business

  • Total says makes ‘very promising’ oil find off Ivory Coast
  • ‘Chinese Twitter’ firm Weibo to go public in US
  • World stocks subdued, Nikkei flat on profit taking
  • Asia stocks fail to match Wall Street gains
  • Fired Yahoo exec gets $58M for 15 months of work
  • Technology

  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Filipinos #PrayForSouthKorea
  • Taylor Swift tries video blogging, crashes into fan’s bridal shower
  • DOF: Tagaytay, QC best at handling funds
  • Smart phone apps and sites perfect for the Holy Week
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Malaysia quarantines 64 villagers over MERS virus
  • DFA: 2 Filipinos survive Korean ferry disaster
  • PH asks airline passengers to check for MERS
  • Syria most dangerous country for journalists, PH 3rd—watchdog
  • Japan says visa-free entry still a plan
  • Marketplace