Philippines-based Rizal Commercial Banking is, reportedly, set to expand its credit card business under the new trademark, RCBC Bankard Services.
The move by Rizal comes after completing the sale of its 65.42% stake in Bankard, which allows it to meet the capital adequacy ratio requirements of Basel III framework.
RCBC president and CEO, Oscar Biason, said they hope to increase the number of their cardholder base by 150,000 from the present level of 600,000.
"Aside from enhancing the bank’s product offering and customer reach, this transaction will allow RCBC to book a net gain of P69 million while RCBC Capital will recognize a net gain of P54million," Biason added.
RCBC executive vice president and strategic initiatives head, John Thomas Deveras, said the sale of Bankcard will not affect its cardholders.
"For them it will be seamless, as if nothing happened," Deveras added.
Rizal, which is currently operating 1,100 ATMs, further plans to add 600 new ATMs throughout the nation.
