YUCHENGCO holding company House of Investments (HI) and banking arm Rizal Commercial Banking Corp. (RCBC), in separate disclosures to the Philippine Stock Exchange today, announced the spinoff of RCBC’s trust and investment group into a separate corporation, as per the Bangko Sentral ng Pilipinas’ guidelines as stipulated in the manual of regulations for non-banking institutions.

The company will be known as RCBC Trust Corp., and shall begin operations once it has complied with all registration and regulatory requirements from the pertinent government agencies concerned.

Both HI and RCBC did not disclose what the stake of each company will be in the new corporation but this will be the subject of future disclosures, on both their parts, once the details have been finalized.

RCBC’s board also approved a cash dividend for the bank’s convertible preferred shares at P0.14068 per share. The dividend is payable to all stockholders on record as of Dec. 21, 2022 and payable within five working days from the record date.

RCBC posted a nine-month net income of P4.0 billion at the end of September 2022, down by 11.3 percent year on year, due to higher loan-loss provisioning. This was an increase of 38.6 percent compared to the same period last year.

Bank president Eugene Acevedo remains optimistic about RCBC’s performance up to the end of 2022 as the bank continues its recovery from the disruption caused by the pandemic. Acevedo said the bank continues to strengthen its balance sheet and diversify its revenue streams as the economy returns to normal.