This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these template messages) This article may need to be rewritten to comply with Wikipedia's quality standards. You can help. The talk page may contain suggestions. (April 2019) A major contributor to this article appears to have a close connection with its subject. It may require cleanup to comply with Wikipedia's content policies, particularly neutral point of view. Please discuss further on the talk page. (May 2022) (Learn how and when to remove this template message) (Learn how and when to remove this template message)

Rizal Commercial Banking Corporation
Company typePublic
IndustryFinancial Services
FoundedRizal, Philippines (September 23, 1960; 63 years ago (1960-09-23))
HeadquartersMakati, Philippines
Key people
12.1 billion [3] (2022)
Total assets1.2 trillion[3](2022)
OwnersYuchengco Group of Companies
Cathay Financial Holdings
International Finance Corporation
ParentYuchengco Group of Companies

The Rizal Commercial Banking Corporation (PSERCB), commonly known as RCBC (simplified Chinese: 中华银行; traditional Chinese: 中華銀行; pinyin: Zhōnghuá Yínháng; Pe̍h-ōe-jī: Tiong-hôa Gûn-hâng), is one of the largest universal banks in the Philippines with total consolidated resources of Ph₱ 1.2 trillion. It was established in 1960[4] 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,[5][6] Cathay Life Insurance Co., Ltd.,[7][8] a wholly owned subsidiary of Cathay Financial Holding, Ltd., and SMBC. RCBC issues first US dollar sustainability bonds.[9][10] RCBC issues VISA, Mastercard, JCB, and UnionPay[11] credit cards through RCBC Bankard.[12]

An RCBC branch in Muntinlupa


The bank was established by Alfonso Yuchengco on September 23, 1960, as Rizal Development Bank, a small development bank in Rizal province.[13] 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.[14] In 1989, it acquired its universal banking license.[15]

In 2000, RCBC acquired major control of Bankard Inc., a credit card company.[16] In 2006, the acquisition of almost all assets of Bankard was approved.[17]

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.[18] In 2009, RCBC acquired J.P. Laurel Rural Bank in Batangas to expand microfinance operations to Luzon.[19][20] 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.[21][22] On 2012, RCBC acquired First Malayan Leasing and Finance Corporation and its subsidiary Malayan Rental to enter equipment leasing business.[23][24]

In 2016, some funds from the Bangladesh Bank robbery incident were diverted to fictitious accounts at the Jupiter Street branch of RCBC.[25] Some executives were charged with anti-money laundering.[26] 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.[27]

In 2019, RCBC raised Ph₱ 15 billion in Peso Bond, the Philippines’ first green finance framework under the ASEAN Green Bond Standards.[28][29][30] In June 2019, the Bangko Sentral ng Pilipinas (BSP) approved RCBC's merger with its thrift bank RCBC Savings Bank.[31][32][33]

In early 2020, RCBC's board approved a new digital banking platform through the creation of its wholly owned rural bank.[34][35][36] 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.[37][38][39][40] After the Bangko Sentral ng Pilipinas (BSP) released the guidelines for digital banks in December 2020,[41] RCBC's executives said that they have not yet finalized a decision if they will apply for a separate digital bank license.[42][43]

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.[44][45]

See also


  1. ^ Charm, Neil. "Acevedo is new RCBC president, CEO". BusinessWorld. Retrieved September 22, 2019.
  2. ^ Dumlao-Abadilla, Doris. "New RCBC CEO preaches the 10 'commandments'". Philippine Daily Inquirer. Retrieved September 22, 2019.
  3. ^ a b "RCBCAR".
  4. ^ "Japan's SMFG to buy 5% stake in Philippine bank RCBC". Nikkei Asia. Retrieved September 11, 2022.
  5. ^ Torres, Ted P. "IFC acquires 6.7% stake in RCBC". The Philippine Star.
  6. ^ Gatdula, Donnabelle L. "IFC completes equity investment in RCBC". The Philippine Star.
  7. ^ Dumlao, Doris C. (January 28, 2015). "RCBC affirms buy-in deal with Taiwan's Cathay Life". Philippine Daily Inquirer.
  8. ^ "Cathay Buys 20% Stake In RCBC". The Manila Times.
  9. ^ "ESG Forum".
  10. ^ Bajo, A. J. (September 6, 2019). "RCBC sustainability bonds gain strong reception". Daily Tribune.
  11. ^ BrandRoom, INQUIRER net (October 12, 2021). "Innovative and secure payment solutions for a cashless Philippines". Retrieved September 11, 2022.
  12. ^ "Technology guides RCBC Bankard's strategy for new clients". South China Morning Post. June 13, 2019. Retrieved September 11, 2022.
  13. ^ Rimando, Lala (September 15, 2009). "Who is Alfonso Yuchengco?". ABS-CBN News. Retrieved September 30, 2023.
  14. ^ "Rizal Commercial Banking Corporation (RCBC)". Bank Marketing Association of the Philippines. Retrieved September 30, 2023.
  15. ^ "Rizal Commercial Banking Corporation". PSE EDGE. Retrieved September 30, 2023.
  16. ^ Mendez, Christina; Diaz, Conrado Jr. "Yuchengco's RCBC takes over Bankard". The Philippine Star.
  17. ^ "December 29, 2006 Newscan". December 29, 2006.
  18. ^ Torres, Ted P. "RCBC to buy Merchants Savings thrift bank". The Philippine Star.
  19. ^ "RCBC to acquire rural bank". GMA News.
  20. ^ "RCBC to buy Batangas bank, enter into microfinance". ABS-CBN News. February 13, 2009.
  21. ^ "RCBC's Rizal MicroBank opens first container van banking office in PH – Rizal MicroBank".
  22. ^ Opiniano, Jeremaiah (October 31, 2013). "RCBC's Rizal Microbank opens first container van banking office in PH". The Filipino Connection.
  23. ^ Dumlao, Doris C. (March 19, 2012). "RCBC takes over First Malayan Leasing". Philippine Daily Inquirer.
  24. ^ "BSP approves RCBC acquisition of First Malayan". ABS-CBN News. March 19, 2012.
  25. ^ "What went before: The Bangladesh Bank heist". Retrieved September 11, 2022.
  26. ^ Pulta, Benjamin (May 22, 2019). "5 RCBC execs charged with anti-money laundering". Retrieved September 11, 2022.
  27. ^ Camus, Miguel (March 2, 2024). "RCBC mulls over appeal of NY decision on Bangladesh cyberheist". Philippine Daily Inquirer. Retrieved March 2, 2024.
  28. ^ "Press release" (PDF). 2019. Retrieved August 19, 2020.
  29. ^ Bajo, A. J. (February 1, 2019). "RCBC lists P15-B ASEAN green bonds". Daily Tribune.
  30. ^ Dumlao-Abadilla, Doris (January 19, 2019). "In first ever green bond offer, RCBC raises P15B". Philippine Daily Inquirer.
  31. ^ Charm, Neil. "RCBC, thrift arm secure BSP's okay for merger - BusinessWorld". BusinessWorld. Retrieved August 19, 2020.
  32. ^ "RCBC clears last obstacle in merger with thrift bank". Philippine Daily Inquirer. July 24, 2019.
  33. ^ "RCBC secures regulator approval for merger with thrift unit". ABS-CBN News. July 23, 2019.
  34. ^ Charm, Neil. "RCBC to set up digital-only rural bank - BusinessWorld". BusinessWorld. Retrieved August 19, 2020.
  35. ^ Dumlao-Abadilla, Doris (January 29, 2020). "RCBC to set up digital rural banking unit". Philippine Daily Inquirer.
  36. ^ "RCBC to establish rural bank focusing on digital banking". Manila Standard. January 28, 2020.
  37. ^ "RCBC launches DiskarTech app". The Manila Times. July 2, 2020.
  38. ^ "Yuchengco Group of Companies and RCBC launch DiskarTech". July 17, 2019.
  39. ^ "RCBC DiskarTech app empowers unbanked Filipinos with sachet banking services - Manila Standard". Manila Standard. Archived from the original on November 27, 2020.
  40. ^ Laurena, Adam. "How you can move towards financial success with DiskarTech, RCBC's financial super app". Retrieved September 11, 2022.
  41. ^ Neil (June 21, 2022). "BSP unlikely to OK more digital banks in near term". BusinessWorld Online. Retrieved September 11, 2022.
  42. ^ "RCBC eyes DiskarTech as digital bank". Manila Bulletin. December 14, 2020. Retrieved September 11, 2022.
  43. ^ "Philippine lender RCBC to set up digital bank after SMBC investment". Nikkei Asia. Retrieved September 11, 2022.
  44. ^ "RCBC head named among 'People of the Year 2024'". The Philippine Star. January 28, 2024.
  45. ^ "RCBC President Eugene Acevedo chosen among 'People of the Year 2024'". January 16, 2024.