Rizal Commercial Banking Corporation
 | |
| Public (PSE: RCB) | |
| Industry | Finance and Insurance |
| Founded | Manila, Philippines (1960) |
| Headquarters | Makati, Philippines |
Key people |
Alfonso T. Yuchengco, Honorary Chairman Helen Y. Dee, Chairwoman Cesar E.A. Virata, Corporate Vice Chairman Lorenzo V. Tan, President and CEO |
| Products | Financial Services |
|
P5.1 billion PHP (2015) Customers = 7.3 million | |
| Owners |
Yuchengco Group of Companies Cathay Financial Holdings International Finance Corporation |
| Parent | Yuchengco Group of Companies |
| Slogan | Smarter Solutions |
| Website | www.rcbc.com |
The Rizal Commercial Banking Corporation (RCBC) was established in 1960 as a development bank and is licensed by the Bangko Sentral ng Pilipinas (BSP) for both commercial and investment banking. It is one of the largest universal banks in the Philippines with total consolidated resources of Php 516.6billion as of end-2015. As a diversified financial services institution, RCBC serves corporate and individual banking needs through the most appropriate vehicles to serve its chosen markets with innovative products and services. With an inclusive financial business model in mind, in 2009 it ventured into the microfinance business to service the smallest entrepreneurs via the Rizal Microbank.
RCBC is majority-owned by the Yuchengco Group of Companies (YGC), one of the oldest and largest conglomerates in Southeast Asia covering over 60 businesses which include the leading non-life insurance company, Malayan Insurance, a life insurance company joint venture with Sun Life Financials, Philippines, Sunlife/GREPA Financials; the leading globally-oriented construction company EEI Corp.; top educational institutions; and vehicle dealerships. Other significant investors of the bank include the World Bank's International Finance Corporation and Cathay Life Insurance Co., Ltd., a wholly owned subsidiary of Cathay Financial Holding., Ltd., the largest publicly-listed holding company in Taiwan.
Responding to an ever-growing digital consumer base, RCBC continually innovates its products and services to match the dynamic consumer needs in the digital space. Providing ease and convenience, in 2007, it launched the RCBC MyWallet. This all-in-one card allows customers to enjoy electronic banking convenience anytime, anywhere and it lets customers do transactions like a regular ATM card: withdrawals, cashless shopping, balance inquiry and bills payment—all these, without the hassles of keeping a monthly maintaining balance. To further supplement its electronic banking capability, RCBC launched AccessOne soon after, as a personal internet banking system. AccessOne allows customers to have a better online banking experience with its features such as enhanced and customizable user interface, real-time presentation of Bankard credit card transaction history, prepaid mobile loading and viewing of investments and RCBC Savings bank loans. This is also available as a mobile application.
Aside from this, together with RCBC Savings Bank, RCBC launched the Touch Q Lobby Management System in 2014. The RCBC Touch Q is a self-service teller assist kiosk in the branch that conveniently pre-stages customers' banking transactions. It provides assistance to customers in financial and non-financial transactions like cash and check deposits, cash withdrawal, check encashment, bills payment, fund transfer, MyWallet reloading, account opening among many others. The system manages the traffic inside a branch through a smart queuing system. Customers can access the RCBC Touch Q on the web and through mobile apps (both Apple and Android) even before going to the branch. Upon completion of the online transactions, a QR code or reference number will be generated which customers can use for queue prioritization in the branch.
RCBC is also committed to uplifting its customers’ lives through various community enhancement projects, corporate social responsibility programs, and social empowerment ventures. These include the Earth Care-tree planting drive, Green ATM project in partnership with ABS-CBN, goat-livelihood donation program, micro financing services, among many others.
A pioneering financial services organization, RCBC has received numerous awards from various institutions including "Best Banking Group in the Philippines, "SME Bank of the Year", "Overall Best Private Bank in the Philippines", Domestic Retail Bank of the Year; and "Philippines' Overall Best for Interest Rates, and Best Cash Management Bank in the Philippines.
History
Early years
RCBC opened for business as a small development bank in 1960, then went through rapid expansion to become the preferred banker to a wide range of markets: the Filipino-Chinese market, the corporate market, locators in the export processing zones, the middle market, and the consumer/ retail market.
In 1964, RCBC marked a significant presence in the Filipino-Chinese business community with the opening of its first branch in Binondo. In 1967, this foothold was strengthened when Ambassador Alfonso T. Yuchengco, founder of the Yuchengco Group of Companies (YGC), assumed the Chairmanship of the board. Because of his strong ties with the Filipino-Chinese business community and the Bank's record in serving this market, the Filipino-Chinese market has remained to be one of the Bank's major market niches.
The 1970s
In 1973, Chairman Yuchengco deemed it crucial to invite two international banks to raise the level of banking expertise of RCBC in trade financing, international banking, credit control, and systems and procedure to global standards. These were the Continental Illinois National Bank and Trust Co. of Chicago, USA (CONNILL) and The United Financial of Japan. The tie-up with these banks reinforced the role of RCBC among corporate clients who preferred institutions with international banking expertise. Further, the affiliation with The United Financial of Japan opened another market for RCBC: the Japanese market. Together, the corporate, the Filipino-Chinese and Japanese markets account for a substantial share of the Bank's portfolio.
The 1980s
The period marked the rapid branch expansion for the Bank. While most of its peers were establishing branches within Metro Manila, RCBC pursued branch expansion in key growth areas like the export processing zones. This enabled the bank to tap and forge long-term relationships with the foreign locators especially those in the semiconductor industry.
Anticipating bigger things to come, RCBC successfully listed its shares in the Philippine Stock Exchange in 1986. The following year, RCBC diversified into the retail market with the introduction of private banking, home mortgage, car financing and the RCBC Credit Card.
The 1990s
The establishment of the RCBC's thrift bank arm - the RCBC Savings Bank in 1996 was an indication of RCBC's strategic thrust of becoming a major player in the retail market. This has been supported by the acquisition of a large thrift bank - the Capitol Development Bank in 1998 and the acquisition of 67% stake in Bankard, a major player in the credit card business in mid-2000.
The expanded branch network of 287 branches and 5 extension offices, the opening of foreign offices in Hong Kong (RCBC International Finance, Ltd.) in 1979, in the US (RCBC California International, Ltd.) in 1993 and in Italy (RCBC Telemoney Europe) in 1995 and affiliations with offshore banks and money transfer agencies, stabilized the position of RCBC in the remittance business. The Bank now accounts for more than 10% of the remittance business.
On top of a highly rewarding banking business, the bank has equity holdings in companies engaged in power generation, automotive assembly, thrift banking, food manufacturing, etc. These companies are deemed leaders in their respective niches and are in industries with long-term growth potentials. RCBC entered into a joint venture agreement with Honda Cars and Mitsubishi Corp. of Japan and the Ayala Group to produce the well-engineered and popular Honda cars for the Philippine market. Together with another Yuchengco Group flagship, the House of Investments, and the Enron Corp., it put up the Subic Power Corp. (SPC), a diesel-fired 116-megawatt power plant built under the Build-Operate-Transfer scheme.
To strengthen its position in the capital market, the bank fully acquired the Philippine Pacific Capital Corp. from its partners and renamed it RCBC Capital Corp. It entered into a joint venture agreement with Isuzu Corp., Mitsubishi Corp. and the Ayala Corp. to form Isuzu Motors Phils. Co., Ltd., which is into the assembly, manufacturing, importation and distribution of AUVs, pick-ups and medium- and big-sized trucks and buses. It has equity participation in Pilipinas Shell Petroleum Corp. In November 1996, RCBC joined Agila Holdings, Itochu and Hacienda Luisita in putting up the Luisita Industrial Park Corp., a 300-hectare industrial park for Japanese investors. Together with Great Pacific Life Assurance Corp., it forged a tie-up (1997) with Japan's largest life insurance company, the Nippon Life Insurance Corp., forming a new joint venture life insurance company - the Nippon Life Insurance Company of the Philippines. Other equity investments of RCBC are in LGU Guarantee Corp, a joint BAP/DBP guarantee institution to cover 85% of local government's unit debts; in Lima Land, Inc., a real estate company involved in the development of a 440 hectare industrial park in Lipa/ Malvar; in KG Investments Holdings, Ltd. with the Koo family and in RCBC Land, Inc., a joint venture between RCBC and Pan Malayan Management and Investments Corporation. The company's maiden project is the RCBC Plaza, the new home of RCBC. The project is a joint venture with the Government (of Singapore) Investment Corporation.
Present
In 2012, RCBC's investment banking arm, RCBC Capital participated in raising a total of P 174.4 billion through 12 Lead and Co-lead roles in the debt and equity capital markets for several issuers. RCBC Capital posted a growth of 94% in its revenues in 2012.
Subsidiaries
RCBC Savings Bank
Established in 1996 as the Bank’s consumer banking arm. RSB provides deposit products, real estate loans, auto loans and personal loans. As of end-December 2013, RSB had 145 business centers and 343 ATMs nationwide.
RCBC Forex Brokers Corporation
Incorporated in 1998. RCBC Forex is primarily engaged in dealing and brokering currencies in foreign exchange contracts with local and international clients.
RCBC Capital Corporation
RCBC's Investment banking arm which offers a complete range of investment banking and financial consultancy services which include (i) the underwriting of equity, quasiequity and debt securities on a firm or best efforts basis for private placement or public distribution; (ii) the syndication of foreign currency or peso loans; and (iii) financial advisory services.
RCBC Securities, Inc.
A wholly owned subsidiary of RCBC Capital, is engaged in the electronic and traditional trading of listed securities and in providing corporate and market research.
RCBC Bankard Services Corp.
A wholly owned subsidiary of RCBC Capital engaged in providing services to the credit card business of the Bank.
Merchants Savings and Loan Association, Inc. (operating under the name & style - Rizal Microbank, a thrift bank)
Was acquired by RCBC to engage in microfinancing and development of small businesses. Rizal Microbank has 15 microfinance lending branches with operations in Southern Luzon and Mindanao.
RCBC Leasing and Finance Corporation (formely First Malayan Leasing and Finance Corporation )
A pioneer in the leasing and financing industry in the Philippines as the company started its operations in 1957. RCBC Leasing is a non-bank financial institution with a quasi-banking license granted by the Bangko Sentral ng Pilipinas. It serves the requirements of corporate, commercial and consumer markets through its innovative loans, leases and investment products.
To minimize the Bank’s carbon footprint, on 28 October 2013, RCBC's microfinance subsidiary, Rizal Microbank opened the very first banking office made of recycled shipping container vans in the Philippines.
See also
External links
- Rizal Commercial Banking Corporation website
- Reuters, Stock Quote
- Reuters, Analyst Research, Rizal Commercial Banking Corp (Philippine Stock Exchange)
- Reuters Full Description
References
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