RCBC Bond (IFC-37489)

Regions
  • East Asia and Pacific
Where the impacts of the investment may be experienced.
Countries
  • Philippines
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Oct 21, 2015
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Rizal Commercial Banking Corporation
The holder of the loan, grant, or other investment.
Sectors
  • Finance
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 75.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 300.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 31, 2018

Disclosed by Bank Oct 23, 2015


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Project Description

This project finances support for Rizal Commercial Banking Corporation's issuance of a long-term USD bond in order to help broaden and deepen the bond markets, support the bank's effort in expanding its lending to infrastructure projects, and continue to support the bank's strategy to increase financial inclusion.

Investment Description
  • International Finance Corporation (IFC)

Rizal Commercial Banking Corporation is listed in the Philippine Stock Exchange. The majority of the bank's shares are owned by the Yuchengco Group of Companies, a conglomerate with major interests in insurance, investments, schools, materials and construction and real estate. The balance of the shares are held by Cathay Life Insurance Co., Ltd., IFC, IFC Capitalization Equity Fund L.P. and the public.

Private Actors

The Bank is listed in the Philippine Stock Exchange. The majority of the Bank’s shares are owned by the Yuchengco Group of Companies, a conglomerate with major interests in insurance, investments, schools, materials and construction and real estate. The balance of the shares are held by Cathay Life Insurance Co., Ltd., IFC, IFC Capitalization Equity Fund L.P. and the public.

Contact Information

John Deveras
RIZAL COMMERCIAL BANKING CORPORATION (RCBC)
RCBC Head Office, 46/F Yuchengco Tower, RCBC Plaza,
6819 Ayala Avenue, Makati City 0727

ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/