Stand-alone RCBC Trust widens investment options
Special benefits are granted trust corporations such as the ability to access third-party digital platforms to reach clients and make their products more accessible
Daily TribuneSpecial benefits are granted trust corporations such as the ability to access third-party digital platforms to reach clients and make their products more accessible
The Rizal Commercial Banking Corporation, or RCBC, expects clients of its trust and investments group to have more diversified investment options as a result of its ongoing transition into a stand-alone entity.
In a statement emailed to the Daily Tribune on Thursday, RCBC said the business strategy will allow clients to access third-party platforms and the trust corporation to serve more clients.
"Special benefits are granted to trust corporations such as the ability to access third-party digital platforms to reach our clients and make our products more accessible," RCBC said.
More outlets to choose from
Its executives added, "Our clients will also have more investment outlets to choose from once we complete the transition since trust corporations are exempt from certain regulations (e.g. Single Borrower's Limit) which effectively limit the investment opportunities that trust entities can offer to their trust clients."
With more relaxed policies given to stand-alone trust corporations, RCBC said clients can potentially generate better and more efficient returns to their investments.
Strategic decision
"This is a strategic decision made by the RCBC Management to maximize the advantages given to stand-alone trust corporations which will benefit the organization and the clients in the long run," the bank under the Yuchengco Group of Companies said.
RCBC Trust Corporation president Dr. Robert B. Ramos said the Bangko Sentral ng Pilipinas has already granted RCBC Trust the Authority to Operate last October 10.
He said the transition into a stand-alone trust corporation is now on its final phase, and the new firm will start running on the first business day next year.
Existing RCBC's trust services include the administration of unit investment trust funds, investment management accounts, retirement funds, corporate and institutional trust accounts, pre-need trust funds, personal management trusts, and mortgage or collateral trusts.