RCBC shares finished at P58.70 on Friday, unchanged from the previous day’s close but way above the P39.30 level on April 10, prior to the Holy Week break.
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Sale rumors pushing up RCBC share price
Iris Gonzales (The Philippine Star) - May 8, 2017 - 12:00am

MANILA, Philippines - The share price of Rizal Commercial Banking Corp. (RCBC) has been steadily climbing for three weeks now on speculation the bank may finally be put on the auction block following the demise of its founding chairman, banking taipan and former ambassador Alfonso Yuchengco on April 15.

RCBC shares finished at P58.70 on Friday, unchanged from the previous day’s close but way above the P39.30 level on April 10, prior to the Holy Week break.

On April 17, when news of Yuchengco’s death came out, RCBC shares closed at P42.10 per share.

It was widely believed the bank would not be for sale while Yuchengco was alive, an analyst said.

“With his demise, interest in the bank has been revived,” he said.

At the same time, the analyst said the Yuchengco family is likely to keep majority control of the bank in honor of the late patriarch’s legacy.

Yuchengco founded the Yuchengco Group of Companies, one of the biggest conglomerates in the country with interests in insurance, banking and finance.

A few of the country’s local banks have indeed been looking at RCBC anew on speculation it may be for sale, industry sources said.

At least three banking executives from some of the biggest banks told The STAR RCBC would be a good acquisition given its track record.

“It’s a well managed bank. The only problem they had was the money laundering issue which could have happened to any bank,” said one banking source.

Another bank source said they are willing to bid should RCBC be put on the block.

RIZAL COMMERCIAL BANKING CORP.
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