RCBC to raise $85 million through deposit certificates
With the plan for expansion, they needed to raise funds. That’s why the Rizal Commercial Banking Corporation or RCBC will issue dollar-denominated negotiable certificates of time deposits (NCTDs).
RCBC will offer deposit certificates to its depositors from Septber 22 to 25, where it aims to raise $85 million (P4 billion) to use for its planned expansion.
The NCTDs will carry an interest rate of 3.75% per annum and will be issued in minimum denomination of $5,000 and in increments of $1,000.
An NCTD is a senior deposit product with maturity of 3 years. It is ideal for individuals and corporations that seek investment alternatives offering higher returns than regular time deposits.
RCBC’s NCTDs are transferable in the secondary market via a market maker. They will also be covered by the Philippine Deposit Insurance Corp. (PDIC) up to the specified limits.
September 18, 2009
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Tags: deposit certificates, NCTD, negotiable instruments, Philippine banks, Philippines, RCBC В· Posted in: Announcement, investments, money, Philippine banks, Philippine business news, Philippines
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