Tuesday 23 January
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Apr 26, 2016 @ 18:05

RCBC to pay out over P1B in dividends

 

Embattled Rizal Commercial Banking Corp. (RCBC) of Bilyonaryo Alfonso Yuchengco is spending over P1 billion to pay out dividends to shareholders amid the ongoing inquiry over its alleged involvement on the $81 million bank heist.

RCBC announced it would pay out P0.72 per share to holders of 1.399 billion common shares and 310,145 preferred shares as of the close of the 10th trading day from the receipt of the approval by the Bangko Sentral ng Pilipinas (BSP).

Likewise, the Yuchengco-led bank is also paying a cash dividend of P0.066 per share to the holders of 310,145 convertible preferred shares as of June 21 this year.

Funds would be sourced from the bank’s unrestricted retained earnings.

RCBC is at the center of the $81 million money laundering scandal after the money stolen from the Bangladesh Bank by hackers entered the country via the Yuchengco-owned bank.

Yuchengco’s eldest child Helen Dee who is also the bank’s chair took over the day –to-day operations after the bank’s president Lorenzo Tan went to leave.

The bank has dismissed Jupiter branch bank manager Maia Santos-Deguito and customer relations manager Angela Torres for allegedly facilitating the entry of the stolen funds from the Bangladesh central bank.

The scandal is now subject to the investigation of the BSP, the Anti Money Laundering Council, and the Senate Blue Ribbon Committee.

The market capitalization of RCBC has shed by as much as P5.5 billion when news about its alleged involvement in the money laundering scandal broke out last February 29.

The share price of RCBC has lost by as much as 11.8 percent to close at P29.1 per share last March 22 from P33 per share last February 26. RCBC has outstanding shares of 1.399 billion.

In all, the Yuchengco-led bank’s market capital has declined to P40.71 billion last March 22 from P46.2 billion last February 26.

The bank’s share price has recovered to P32 per share as of Monday.

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