RCBC renews bid to take over Export Bank
RCBC: Eyeing Export Bank. INQUIRER.NET PHOTO/RICK ALBERTO
MANILA, Philippines—Rizal Commercial Banking Corp. has revived interest to take over Export and Industry Bank, a shuttered commercial bank being auctioned off by its receiver, the state-owned Philippine Deposit Insurance Corp.
In a disclosure to the Philippine Stock Exchange, RCBC said it had expressed interest to participate in the bidding for Export Bank. “The bank is presently conducting due diligence under the supervision of the PDIC,” the disclosure said.
“The bank continues to study opportunities in acquiring small- to medium-sized banks in line with its strategy to grow its branch network,” the bank added.
RCBC is awaiting the final bidding parameters as well as the rules and timetable from the PDIC, the bank said.
The Yuchengco-led commercial bank had been in advance stages of discussions to acquire Export Bank years ago but this did not push through. Eventually, Banco de Oro Unibank emerged as the white knight instead.
BDO’s long-standing deal with the shareholders of Export Bank to take over the latter’s assets and liabilities, however, was disrupted by a court case against a brokerage unit of Export Bank.
After Export Bank was placed under receivership in late April, however, BDO said it was still interested in the bank. BDO submitted a written proposal to regulators, stating that it was prepared to “move in immediately” and take over Export Bank’s estimated P14 billion in deposit liabilities. Only about P4 billion of Export Bank’s deposits is covered by the PDIC insurance.
The bank’s receiver PDIC, however, has decided to bid out the right to take over the assets and liabilities of Export Bank.
RCBC’s interest gives BDO some competition in the bid to take over Export Bank.
