RCBC

Rizal Commercial Banking Corporation, commonly known as RCBC, is the sixth-largest universal bank in the Philippines. It has ₱1,434,368 million in assets, per the list published by the central bank in 2024. RCBC also created a digital-only bank called DiskarTech, which is meant to service rural clients. 

Products of RCBC

As a universal bank, RCBC has a full range of products that include:

• Accounts: The offer includes a single account that combines savings and checking accounts in one. It also has 10 other savings accounts, 2 checking accounts, and 3 time deposit accounts, including a couple in foreign currency.

• Cards: RCBC offers 19 credit cards from Visa, MasterCard, JCB, and UnionPay. Some of the cards are also co-branded with a partner company like AirAsia. Lastly, there’s a debit card and a prepaid card available. 

• Loans: It lends money for the purchase of cars and homes or land, and renovations. There’s also a personal loan that can be used for a variety of purposes and has a low interest rate starting at 1.3%

• Insurance: There are Sun Life insurance products, which cover health and life plans with investment options. The Malayan insurance products cover health, travel, home, and car insurance. 

• Investment: RCBC offers a variety of trust funds and fixed securities for clients to invest in. 

All of these products are also available for small businesses and corporations, though the number of products available in each category is less varied than for personal services. 

History of RCBC

RCBC was established in 1960 in the province of Rizal. At the time, it was named Rizal Development Bank. In 1963 it began operations as a commercial bank under the current name of Rizal Commercial Banking Corporation. Then, in 1989 it got a universal banking license. 

From the year 2000 onward, RCBC started a series of mergers and acquisitions. It began with acquiring a majority of shares in the credit card company Bankard, and in 2006 it acquired most of its assets. In 2007 it acquired the thrift bank Merchants Savings and Loan Association and used it to consolidate its own thrift bank, RCBC Savings Bank. The next acquisition was of J.P. Laurel Rural Bank in 2009, and finally, in 2012, it acquired First Malayan Leasing and Finance Corporation.

In 2019, RCBC and its thrift bank merged and became one. Then, in 2020, it launched a new digital-only bank called DiskarTech, intending to offer banking services to underserved rural areas. For this purpose, the content of the app and website is in Tagalog, to cater to people in isolated communities who might not have sufficient English knowledge to understand complex baking vocabulary. As of June 2024, the app had garnered 5.4 million downloads, reflecting its success. DiskarTech has a core banking license granted by the central bank. 

RCBC has won the Philippine Best Bank for Digital award 4 years in a row, and in 2024, it was chosen as one of Tesla’s preferred partners for financing the purchase of Tesla cars.