Taiwanese firm jacks up investment in RCBC
Cathay Life Insurance Co. Ltd. has increased its stake at Rizal Commercial Banking Corp. (RCBC) in early September.
RCBC told the stock exchange that its Taiwanese investor has bought more shares at the bank amounting to some P416 million during the first week of September. This brought Cathay’s stake at the Yuchengco-owned bank to 23.35%, coming from 22.71% as of 2016.
This leaves Cathay with a total of 326.9 million shares at the listed bank, making it a strategic investor of the big bank.