Monetary Board approves RCBC’s P5-B borrowing

The Monetary Board has approved Rizal Commercial Banking Corp.’s (RCBC) plan to sell P5 billion worth of long-term deposit certificates. The Yuchengco-led listed bank told the Philippine Stock Exchange on Wednesday it would base the interest rate on "prevailing market conditions." The borrowing, arranged by HSBC, will mature in five years and six months. The deposit certificates will be sold to clients at a minimum amount of P10,000. RCBC is a mid-sized universal bank with total assets of P268 billion as of September 30 and has a network of 334 branches. The Yuchengco group owns two-thirds of the bank. — NPA, GMANews.TV