RCBC sold 89% stake in Bankard to PBB Trust

Purchase price yet to be revealed.

According to Maybank Kim Eng, Rizal Commercial Banking Corp disclosed it sold its 89% stake in Bankard , Inc to Philippine Business Bank’s subsidiary, PBB Trust and Investment Center. 

Purchase price and other details have yet to be disclosed. All existing credit card operations of BKD will be assigned and absorbed by either RCB or its subsidiary or affiliate. Technically, PBB Trust will only acquire the listed shell company of BKD. There likely will be a tender offer for the 11% balance of BKD that is publicly owned.