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Rizal Commercial Banking granted approval to dissolve US subsidiary

Rizal Commercial Banking Corp. has obtained approval from the California secretary of state for the dissolution of its U.S. subsidiary, RCBC North America Inc.

The approval marks the final stage of dissolution proceedings, which started in 2014 when RCBC North America ceased operations.

The dissolution of the U.S. subsidiary is in line with the bank's strategy to expand accessibility of its Telemoney international remittance services through overseas partnerships.