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Apr 4, 2016 @ 17:05

Yuchengco’s RCBC not for sale


Bilyonaryo Alfonso Yuchengco is not selling Rizal Commercial Banking Corp. (RCBC) despite being dragged into the laundering of $81 million allegedly stolen by Chinese hackers from the Bangladesh Bank.

Ma. Christina Alvarez, senior vice president and corporate information officer of RCBC, said the bank is not in discussion with any bank for the possible acquisition of a majority stake in the listed bank.

“RCBC is not in talks or discussion with anyone regarding the sale of a majority stake or any merger. Information other than those disclosed by the bank is purely speculative,” Alvarez said.

There are speculations in the market that Ayala-led Bank of the Philippine Islands (BPI) and BDO Unibank Inc. of Bilyonaryo Henry Sy are looking at buying into the bank.

In a statement, BPI clarified that it is not in talks or discussion with RCBC regarding the acquisition of a majority stake.

“BPI does not comment on articles of such nature,” the Ayala-led bank said.

Likewise, BDO also denied it is in talks with RCBC for a possible partnership or buy in.

“BDO denies any discussions for the acquisition of a stake in RCBC. Any speculation or alleged talks of such transaction are without basis,” said BDO corporate information officer Elmer Serrano.

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