Major RCBC stockholders buy more shares

Yuchengco Group, Taiwan’s Cathay Life raise stake 

MANILA, Philippines – Taipan Alfonso Yuchengco and Cathay Life Insurance Co. Ltd. of Taiwan are buying more shares as a vote of confidence in Rizal Commercial Banking Corp. (RCBC) amid its alleged involvement in the $81 million bank heist.

Yuchengco’s Pan Malayan Management and Investment Corp. raised its stake in RCBC to 42.31 percent from 41.68 percent.

The holding company bought 8.8 million shares of RCBC at P30 each for P264 million last April 1. This brought the number of RCBC shares owned by the company to 592.25 million shares from 583.45 million shares.

Likewise, Cathay Life Insurance increased its shareholdings in the bank to 22.71 percent from 22.29 percent.

The largest publicly-listed financial holding company in Taiwan acquired 5.8 million shares of RCBC at P30 each for P174 million last March 31.

This brought the number of shares owned by the wholly-owned subsidiary of Cathay Financial Holding Co. Ltd. in RCBC to 317.94 million shares from 312.14 million shares.

Last year, Cathay Life Insurance spent P7.95 billion to acquire a 20 percent interest in RCBC last year. It is the second largest shareholder of the bank after the Yuchengco Group.

RCBC has outstanding shares of 1.399 billion.

On the other hand, the investment arm of the World Bank (WB) has an eight percent interest in RCBC.

International Finance Corp. (IFC) has invested P2.1 billion for a 2.6 percent stake in RCBC while IFC’s Asset Management Co. has infused P4.1 billion for a 5.08 percent stake in the bank.

Hackers stole close to $1 billion from the Bangladesh Bank account at the Federal Reserve Bank of New York last February.

About $81 million of the embezzled amount found its way to the Philippines via the Jupiter branch of RCBC in Makati City.

The money was reportedly moved to several accounts in RCBC headed by dismissed Jupiter branch bank manager Maia Santos-Deguito.

Deguito has been accused by businessman William Go of opening fictitious dollar and peso accounts under the name of his brokerage firm Centurytex Trading at the Jupiter branch of RCBC.