The Rizal Commercial Banking Corporation (RCBC) was named the country’s best corporate bank by one of the United Kingdom’s leading banking publications.
In a statement, Global Banking and Finance Review announced that RCBC once more secured a spot at the prestigious Global Banking & Finance Awards (GBAF) for being the Best Corporate Bank Philippines 2021.
GBAF recognizes innovation, achievement, strategy, progressive and inspirational changes undertaken within the global financial sector.
For the award, RCBC joined the list of only 10 banks across the world to be given the same honor. Others that made it on the list are some of the biggest banks from Russia, Portugal, Egypt, South Africa, Tunisia, Vietnam, Mauritius, Uzbekistan, and Botswana.
“Despite the challenges brought about by the pandemic, RCBC’s Corporate Banking Group (CBG) rose to the occasion. Significantly, and despite an environment fraught with great uncertainty and uneasy conservatism, RCBC managed to register a 6.3-percent growth in its corporate loan portfolio while at the same time providing breathing space for those who needed it,” RCBC First Senior Vice President and Head of Corporate Banking Group, Elizabeth Coronel said.
“This feat was achieved through increased credit support focused on select industries and corporate clients deemed to have stronger balance sheets and pandemic-resilient operations,” Coronel added.
Last year, RCBC continued its foray into funding renewable energy projects not only in the country but in the Southeast Asian region. In 2020, it closed a deal with AC Energy Corporation of the Ayala Group as a funder to what is envisioned to be the largest wind farm in Vietnam.
RCBC likewise launched the COVID Assistance and Recovery (CARE) program, which provided pre-emptive refinancing support to customers severely affected by the pandemic.
The bank embarked on an aggressive digital push in order to provide safe and convenient banking transactions to its corporate clients. The surge in online banking transactions contributed to the 47% increase in corporate deposits.
That same year, the bank introduced Diskartech, the country’s first “Taglish” financial inclusion super app which became the most downloaded financial app for the year. The app aims to provide sachet banking services to millions of unbanked and underserved Filipinos, especially those in the grassroots communities. It also serves as a convenient digital tool for businesses such as payment platform, fund transfers and bills payment, among others.
“With in-depth knowledge of the Philippine markets, RCBC continues to provide sound market guidance and innovative financial solutions to clients, while demonstrating resilience and agility in adapting to volatile and uncertain times,” Coronel further said.