Rizal Commercial Banking Corp. said it will seek shareholder approval for an increase in its authorized capital stock.
The bank's board approved a resolution to increase its authorized common shares to 2.6 billion from 1.4 billion with par value of 10 Philippine pesos per share. The bank said Nov. 27 that it will submit the proposal to a special stockholders' meeting, to be held Jan. 29, 2018.
In addition, the bank approved the secondment of Joseph Colin Rodriguez to Rcbc Forex Brokers Corp. as president and CEO. Rodriguez will concurrently maintain his position as treasurer of RCBC Savings Bank.
As of Nov. 27, US$1 was equivalent to 50.30 Philippine pesos.
