Philippines’ Rizal Bank to sell 20% stake to Taiwan lender

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Rizal BankThe Philippines’ Rizal Commercial Banking Corp (RCBC) is in talks to sell a 20 per cent stake to Taiwan’s Cathay Financial Holding Co, Rizal Bank’s chief executive said on August 29.

The medium-sized lender may sell a 10 per cent stake while shareholder CVC Capital Partners Ltd may also sell 10 per cent, CEO Lorenzo Tan told reporters.

“Every three years, we bring a new investor. We try to use foreign money to grow,” said Tan.

Rizal Bank told the local bourse that there were ongoing discussions for a private placement but it did not identify the investor. Financial sources had previously flagged that the two parties were in talks about the stake sale.

Bloomberg had earlier reported that Cathay offered to buy Rizal Bank shares at 64 pesos apiece.

“If that price happens, we are happy because it gives us credibility in the global marketplace,” Tan said.

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Reading Time: 1 minute

The Philippines’ Rizal Commercial Banking Corp (RCBC) is in talks to sell a 20 per cent stake to Taiwan’s Cathay Financial Holding Co, Rizal Bank’s chief executive said on August 29.

Reading Time: 1 minute

Rizal BankThe Philippines’ Rizal Commercial Banking Corp (RCBC) is in talks to sell a 20 per cent stake to Taiwan’s Cathay Financial Holding Co, Rizal Bank’s chief executive said on August 29.

The medium-sized lender may sell a 10 per cent stake while shareholder CVC Capital Partners Ltd may also sell 10 per cent, CEO Lorenzo Tan told reporters.

“Every three years, we bring a new investor. We try to use foreign money to grow,” said Tan.

Rizal Bank told the local bourse that there were ongoing discussions for a private placement but it did not identify the investor. Financial sources had previously flagged that the two parties were in talks about the stake sale.

Bloomberg had earlier reported that Cathay offered to buy Rizal Bank shares at 64 pesos apiece.

“If that price happens, we are happy because it gives us credibility in the global marketplace,” Tan said.

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