RCBC corporate loan portfolio hits P45.6B
The corporate banking business of the Rizal Commercial Banking Corp. (RCBC) has expanded by 42 percent in the first eight months.
Latest figures from the bank’s Corporate Banking Group (CBG) revealed its corporate loan portfolio has grown to P45.6 billion as of August 2007 from P32.1 billion a year ago.
As compared with end 2006 figures, loans extended reflected an addition of more than 30 percent.
Growth was primarily attributable to the group’s active participation in several loan syndications completed during the year and increased availments by existing corporate customers,” RCBC executive vice president for Corporate Banking Uy Chun Bing said.
The group was involved in several refinancing activities of top local companies such as San Miguel Corp., the Manila Electric Co., and the First Holdings, which all took advantage of refinancing opportunities brought about by the prevailing low interest rates in the market.
The bank likewise increased exposure to the real estate sector, majority of which were to major and dominant market players like the Ayala Group, Filinvest Properties, Robinson Land Corp. and the SM Group. RCBC also supported noteworthy real estate projects under the Medium-High Rise Building Program of Pag-Ibig.
RCBC president and chief executive officer Lorenzo V. Tan said that the bank will continue to help finance expansion programs in other key development sectors in the economy as “we endeavor to have a hand not just in our bank’s growth but in boosting the local economy’s performance as well.”
Tan implied that it was interested interest in additional investment and financing requirements of businesses involved in the power industry such as the Lopez Group’s First Philippine Holdings and Meralco, Masinloc Power, CBK Power among others. It also seeks cross-selling opportunities within the YGC group.
For 2008, the it will continue to aim for a sustained loan portfolio growth with focus still on the stable and high-growth industry sectors, to include companies engaged in fast-rising Business Processing segment.
A member of the multi-industry conglomerate Yuchengco Group of Companies, RCBC manages 297 branches and five extension offices nationwide. It is a strong player in the remittance business with presence overseas through remittance subsidiaries and tie-ups in
- Latest
