Cathay Life, RCBC forge $178.7m deal

RCBC card visual from the company website

Taiwan’s Cathay Life Insurance Co (Cathay Life) acquired a 20 per cent stake in the Philippines’ Rizal Commercial Banking Corp (RCBC) as both companies finally signed the long-awaited $178.7 million (P7.92 billion) share purchase deal on Wednesday, news reports said.

Cathay Life’s parent company Cathay Financial Holdings Company, the largest financial firm in Taiwan, expressed interest in investing more in RCBC.

Cathay Financial president Lee Chang-Ken represented Cathay Life in the acquisition deal’s signing ceremony held at the RCBC headquarters in Makati City together with the bank’s president and CEO Lorenzo Tan.

The tie up is aimed at increasing growth opportunities for both companies. The key areas of synergy and collaboration involve capital injection, consumer banking, asset management, digital banking, corporate banking, and cross selling initiatives.

Credit Suisse AG acted as RCBC’s exclusive financial advisor, while Skadden, Arps, Slate, Meagher & Flom and Angara Abello Concepcion Regala & Cruz acted as the bank’s legal advisors on the transaction.

Based on the agreement, as reported by The Manila Bulletin, Cathay Life will subscribe to 124.2 million new RCBC shares, acquire 119.03 million RCBC shares from Hexagon Investments BV (an entity controlled by funds advised by CVC Asia Pacific Limited) and another 36.72 million RCBC shares from the International Finance Corporation.

RCBC in a statement said:”The closing of the transaction remains subject to relevant approvals from the regulatory authorities in the Philippines and Taiwan, and completion is expected by the end of the first quarter of 2015.”

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.