The trust and investments arm of Rizal Commercial Banking Corp. (RCBC) will soon operate as RCBC Trust Corp. (RCBC Trust), a stand-alone trust corporation.
A trust corporation is engaged primarily in trust, other fiduciary business and investment management activities.
RCBC Trust president and chief executive Robert Ramos said said the Bangko Sentral ng Pilipinas (BSP) granted RCBC Trust the authority to operate on Oct. 10, 2023.
Ramos said it was on its final preparations for the transition and would commence operations on the first business day of 2024.
He reassured clients that the transition would not change the way the accounts are managed and that all terms and conditions of clients’ existing agreements will remain the same, except for the change in trustee or agent from RCBC Trust and Investments Group (RCBC TIG) to RCBC Trust Corp.
“Once we complete the transition and start operating as RCBC Trust Corp. in 2024, we will continue to provide the same level of personalized service that our clients have grown accustomed to over the years,” Ramos said.
RCBC unveiled plans last year to create a stand-alone trust corporation.
RCBC’s existing suite of trust services includes the administration of unit investment trust funds (UITFs), investment management accounts (IMAs), retirement funds, corporate and institutional trust accounts, pre-need trust funds, personal management trusts and mortgage or collateral trusts.