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-Rizal Bank may sell 13.5 percent stake for PHP4.4bn.

Global Banking News-March 11, 2011--Rizal Bank may sell 13.5 percent stake for PHP4.4bn(C)2011 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 11 March 2011

Philippine-based Rizal Commercial Banking Corporation (RCB.PH) has said that it was in talks to sell a 13.5 percent stake to an unnamed investor for PHP4.4bn (USD101m), Dow Jones has reported.

The statement from Rizal Bank comes after the bank has agreed to sell a 7.2 percent stake to the World Bank's International Finance Corporation (IFC) for PHP2.1bn.

Following media reports, Elbert Zosa, executive vice president and corporate information officer of Rizal Bank, said that bank was in discussion over the stake sale which could be closed in a few weeks. 'There are ongoing discussions which are not yet final,' he said, without disclosing the name of the investor.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

((Distributed via M2 Communications - http://www.m2.com))

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Publication:Telecomworldwire
Date:Mar 11, 2011
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