RCBC voluntarily relinquishes its trust license

RCBC has taken the step of surrendering its license for trust and fiduciary business, marking a pivotal move in its endeavor to establish RCBC Trust Corp. as an independent entity solely focused on trust operations. This action, disclosed to the local stock exchange, aligns with the bank’s earlier announcement in November 2022 regarding the spinoff of its trust and investments division into a separate trust company.

As part of this transition, RCBC has also shifted its stock transfer agent to RCBC Trust. The newly formed RCBC Trust commenced operations in January of the current year, primarily engaging in trust, fiduciary, and investment management services. The transfer of accounts from RCBC’s Trust and Investments Group to RCBC Trust has been completed, with assurances that the terms and management of these accounts will remain unchanged.

RCBC Trust’s range of services encompasses the administration of various funds and trusts, including unit investment trust funds (UITFs), investment management accounts (IMAs), retirement funds, and corporate trusts, among others.

Simultaneously, RCBC’s board of directors has approved a cash dividend declaration of P1.014 per share, totaling approximately P2.45 billion, payable between April 12 and 26 to preferred and common shareholders. It’s noted that the final dividend amount may be subject to adjustments due to new share issuances or conversions of preferred shares into common shares.

Despite challenges, RCBC’s financial performance in 2023 remained robust, with a 1.1 percent increase in net income to a record P12.22 billion. This growth was attributed to a 15 percent rise in customer loans, reaching P622 billion, surpassing industry averages. As of the end of 2023, RCBC boasted a comprehensive network comprising 458 branches, 1,460 ATMs, and 5,779 ATM Go terminals strategically positioned nationwide.

Business News: RCBC voluntarily relinquishes its trust license