Philippines bank RCBC's key shareholders increase stakes

[MANILA] Philippines lender Rizal Commercial Banking Corp's (RCBC) top two shareholders have each increased their stakes in the bank, buying US$9.48 million of stock in total, the lender told the Manila stock exchange on Wednesday.

RCBC is at the center of a Senate investigation into a cyber heist involving US$81 million in stolen money from the Bangladesh Bank's account at the Federal Reserve Bank of New York.

In a filing, RCBC said last week top shareholder Pan Malayan Management and Investment Corp acquired additional 8.8 million shares at 30 pesos apiece, giving it a total stake of 42.31 per cent.

Taiwan's Cathay Life Insurance, a unit of Cathay Financial Holding Co Ltd, also bought an additional 5.8 million shares in RCBC at 30 pesos apiece, raising its stake to 22.71 per cent.

RCBC shares were down 3.45 per cent to 30.80 pesos each as of 0309 GMT.

REUTERS