RCBC finalizes closure of North America unit
The shutdown is deemed final after four years.
The Rizal Commercial Banking Corporation (RCBC) has formalized the closure of its unit, RCBC North America Inc.
In a disclosure, the bank owned by the bilyonaryo Yuchengco clan said they have received the Certificate of Dissolution from the California Secretary of State which makes it official to close down RCBC North America Inc.
“This represents the final stage of the dissolution proceedings which began in 2014 when RCBC North America Inc. ceased operations,” the bank said.
“This is in line with RCBC’s strategy to expand the accessibility of its Telemoney international remittance services through overseas partnerships.”
Despite the shutdown, RCBC said they continue to serve clients in the US, Canada and Guam via Telemoney.