The board of the Yuchengco-led Rizal Commercial Banking Corp. (RCBC) on Wednesday approved Cathay Life Insurance Co. Ltd.’s bid to acquire a 20 percent stake in the bank in line with RCBC’s fundraising for its core equity tier 1 capital for the year.

In a disclosure to the Philippine Stock Exchange (PSE), RCBC said its board of directors approved and ratified Cathay Life’s 20 percent stake acquisition, priced at P64 per share, amounting to a total of P17.9 billion.

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