Taiwan’s Cathay Financial vows support for Philippines’ RCBC after central bank fine

By: | Published: August 8, 2016 10:53 AM

Cathay Life Insurance Co Ltd, a unit of Taiwan's Cathay Financial Holding Co Ltd, will continue supporting partly owned Philippine lender Rizal Commercial Banking Corp (RCBC), despite a penalty imposed by the country's central bank over RCBC's role in a $81 million cyber-heist.

 "What's happening to RCBC is unfortunate," Cathay Financial spokesman Daniel Teng told Reuters. "We will do our best to support RCBC's management team to meet requests from the BSP (central bank) or even beyond its expectations," Daniel Teng said. (Reuters)
“What’s happening to RCBC is unfortunate,” Cathay Financial spokesman Daniel Teng told Reuters. “We will do our best to support RCBC’s management team to meet requests from the BSP (central bank) or even beyond its expectations,” Daniel Teng said. (Reuters)

Cathay Life Insurance Co Ltd, a unit of Taiwan’s Cathay Financial Holding Co Ltd, will continue supporting partly owned Philippine lender Rizal Commercial Banking Corp (RCBC), despite a penalty imposed by the country’s central bank over RCBC’s role in a $81 million cyber-heist.

A Cathay Financial spokesman said on Monday its insurance arm backed RCBC’s management after the Philippine central bank on Friday fined RCBC a record 1 billion pesos ($21.3 million) after the lender was used by cyber criminals to channel $81 million stolen from Bangladesh Bank in February.

“What’s happening to RCBC is unfortunate,” Cathay Financial spokesman Daniel Teng told Reuters. “We will do our best to support RCBC’s management team to meet requests from the BSP (central bank) or even beyond its expectations,” Daniel  Teng said.

In April Cathay Life increase its stake in RCBC to 22.3 percent from 22.7 percent.
($1 = 46.9380 Philippine pesos)

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