RCBC Savings Bank is a wholly owned subsidiary of one of the country's top universal banks, Rizal Commercial Banking Corporation (RCBC). RCBC Savings Bank was incorporated on the 15th day of January, 1996 to provide retail banking services to its target clientele and serve as the consumer and retail banking arm of RCBC.
RCBC Savings Bank formally started its thrift banking operations on the 27th day of February, 1996. It grew extensively in just over a year, from a lean one-branch organization with a seven-man skeletal force to an institution with a network of six branches supported by 106 full-time personnel in 1997.
In September 1998, RCBC Savings Bank acquired selected assets and assumed deposit liabilities of Capitol Development Bank. As a result of the strategic alliance, the Bank further widened the reach of its branch network and became the 2nd largest thrift bank in the country with 142 business centers, 5 extension offices, 15 provincial lending centers and 9 provincial lending desks.
To boost the Bank’s growth and support the direction to further advance its move to redefine its position in the Thrift Bank industry, shareholders of the Bank infused more capital in terms of issuance of new shares of stock in early 2004 and 2005.
RCBC Savings Bank upholds its direction to rationalize and expand their business center network, along with RCBC, in order to utilize its branch network effectively, maximize its reach and serve a wider client base. Today, it continues to provide seasoned banking products and hone its financial capabilities to preserve the niche it has carved in the domestic banking market.
RCBC Savings Bank is a member of the Yuchengco Group of Companies (YGC), composed of major players in all three aspects of Integrated Financial Services – banking, insurance and investment. YGC’s core members include the Rizal Commercial Banking Corporation, Malayan Group of Companies, Great Pacific Life Insurance Group of Companies and House of Investments. All of which gear towards one vision – to be known as an Integrated Financial Services group of companies – its members working for the people it serves.