Dissolution of RCBC unit in US OKd

Yuchengco-led Rizal Commercial Banking Corp. obtained the approval of US regulators for the dissolution of its US subsidiary, RCBC North America Inc., which ceased operations in 2014.

In a disclosure to the Philippine Stock Exchange yesterday, RCBC said it had received the certificate of dissolution from the California Secretary of State for RCBC North America.

This represents the final stage of the dissolution proceedings that started in 2014 when RCBC North America folded up, the disclosure said.

“This is in line with RCBC’s strategy to expand the accessibility of its Telemoney International remittance services through overseas partnerships,” RCBC said.

With new innovations in payments technology, more and more banks are increasingly turning to partnerships with foreign remittance companies or financial institutions rather then investing in brick-and-mortar footprint overseas.

In the case of RCBC’s Telemoney, several partners are operating in North America, such as Paypal, UAE Exchange Canada and Aseno Remit. RCBC said it would continue serving Filipino customers in the United States, Canada and Guam through these partners.