Rizal Commercial Banking Corp. (RCBC), chaired by bilyonaryo Helen Yuchengco-Dee, is spinning off its trust and investments group into an independent company.
RCBC said the plan has already secured the greenlight from its board of directors.
The investment holding firm of the Yuchengco family, House of Investments Inc. (HI) said it would co-invest in RCBC Trust Corp.
No further details were disclosed by both companies on the standalone trust corporation.
RCBC, the banking arm of HI, also approved the declaration of cash dividends for its preferred shares amounting to P0.14068 per share or a total of P37,618.75.
The cash dividends are payable to holders of convertible preferred shares as of December 21 and payable within five trading days from record date.
