RCBC to offer nonlife insurance products

MANILA, Philippines - Yuchengco-owned Rizal Commercial Banking Corp. will sell insurance products of largest non-life insurer Malayan Insurance Company, Inc. in its branches as the listed bank swaps its shares with non-life insurance holding company MICO Equities Inc. In a disclosure, RCBC corporate information officer Elbert M. Zosa said the board of directors approved the recommendation to purchase a 5.64 percent equity stake in MICO Equities via swap of 42 million shares RCBC common shares worth P638.4 million at P15.20 apiece with 169,059 MICO Equities shares worth P638.3 million at P3,775.60 per share. "(This) will allow RCBC to enter into a bancassurance agreement for non-life insurance products with Malayan Insurance subject to the final approval of the Monetary Board of the Bangko Sentral ng Pilipinas pursuant to the BSP Circular No. 357," Zosa said. The circular requires banks to acquire at least five percent of an insurance firm before it can sell insurance products in its premises. -GMANews.TV