Rizal Commercial Banking Corporation

The Rizal Commercial Banking Corporation (🇵🇸), commonly known as RCBC, is one of the largest universal banks in the Philippines with total consolidated resources of Ph₱ 1.2 trillion. It was established in 1960 as a development bank and is licensed by the Bangko Sentral ng Pilipinas (BSP) for both commercial and investment banking. It is currently headquartered at RCBC Plaza in Makati, Metro Manila.

RCBC is majority-owned by the Yuchengco Group of Companies (YGC), one of the oldest and largest conglomerates in Southeast Asia covering over 60 businesses which include the non-life insurance company, Malayan Insurance, a life insurance company joint venture with Sun Life Financial Philippines, SunLifeGREPA Financial, Inc.; the construction company EEI Corp.; educational institutions; and vehicle dealerships. Other significant investors of the bank include the World Bank's International Finance Corporation, Cathay Life Insurance Co., Ltd.,  a wholly owned subsidiary of Cathay Financial Holding, Ltd., and SMBC. RCBC issues first US dollar sustainability bonds. RCBC issues VISA, Mastercard, JCB, and UnionPay credit cards through RCBC Bankard.



History
The bank was established by Alfonso Yuchengco on September 23, 1960, as Rizal Development Bank, a small development bank in Rizal province. It was later upgraded to a commercial bank upon the approval of the Bangko Sentral ng Pilipinas and, in 1963, began operation as such under its present name Rizal Commercial Banking Corporation (RCBC). RCBC established its first head office at 219 Buendia Avenue in Makati (then part of Rizal until 1975), making it the first commercial bank to do so in the province. In 1989, it acquired its universal banking license.

In 2000, RCBC acquired major control of Bankard Inc., a credit card company. In 2006, the acquisition of almost all assets of Bankard was approved.

In 2007, RCBC acquired the thrift bank Merchants Savings and Loan Association Inc. from Finman Capital Corp. and consolidated it with its own thrift bank RCBC Savings Bank with the aim for increasing its branch network. In 2009, RCBC acquired J.P. Laurel Rural Bank in Batangas to expand microfinance operations to Luzon. On October 28, 2013, RCBC's microfinance subsidiary, Rizal Microbank opened the very first banking office made of recycled shipping container vans in the Philippines. On 2012, RCBC acquired First Malayan Leasing and Finance Corporation and its subsidiary Malayan Rental to enter equipment leasing business.

In 2016, some funds from the Bangladesh Bank robbery incident were diverted to fictitious accounts at the Jupiter Street branch of RCBC. Some executives were charged with anti-money laundering. In the February 29, 2024 judgment on the Bangladesh Bank robbery, the New York Supreme Court dismissed 3 causes of action—conversion, aiding and abetting conversion, and conspiracy to commit conversion—against RCBC and defendants Ismael Reyes, Brigitte Capiña, Romualdo Agarrado and Nestor Pineda for lack of personal jurisdiction. It however allowed the Bangladesh Bank case concerning the $81-million cyberheist to proceed on other grounds including the return of money received.

In 2019, RCBC raised Ph₱ 15 billion in Peso Bond, the Philippines’ first green finance framework under the ASEAN Green Bond Standards. In June 2019, the Bangko Sentral ng Pilipinas (BSP) approved RCBC's merger with its thrift bank RCBC Savings Bank.

In early 2020, RCBC's board approved a new digital banking platform through the creation of its wholly owned rural bank. In July 2020, RCBC launched its digital bank DiskarTech offering an interest rate of 3.25% per annum with no minimum deposit and maintaining balance. After the Bangko Sentral ng Pilipinas (BSP) released the guidelines for digital banks in December 2020, RCBC's executives said that they have not yet finalized a decision if they will apply for a separate digital bank license.

In January, 2024, Eugene Acevedo, dubbed as ‘The Consummate Banker' was chosen among ‘People of the Year 2024’ by renowned People Asia (December 2023-January 2024 issue), the only Philippine banker in the list. Asiamoney recognized Rizal Commercial Banking Corporation with the Philippines’ Best Bank for Digital award for the fourth consecutive year. Other awards include the Grand Champion for Digital Payments and Financial Inclusion by the Bankers Institute of the Philippines, the Eye on Innovation Award by Gartner, YouTube Challenger Award for its viral and out-of-the-box digital ad campaigns generating combined views of over 17 million, Asia Pacific Enterprise’s Inspirational Brand Award, and 3-peat recognition as Best Retail Bank by Global Banking & Finance Review. Acevedo launched RCBC Boz mobile application, the ATM Go as part of RCBC’s Barangayan Banking, digital banking platform and RCBC Pulz, among others.