CVC ramps up focus on Filipino finance
CVC CAPITAL PARTNERS HAS MADE ITS first investment in the Philippines in more than a decade, taking a 15% stake in Rizal Commercial Banking Corporation (RCBC) – the market’s fifth-largest financial player by assets with aspirations of elevating its brand to accommodate the Philippines’ growing commercial banking sector.
CVC bought its stake for approximately 4.96 billion Philippine pesos ($115 million), which RCBC aims to use for future acquisitions of SME-sized banks in the Philippines, the group announced, as well as...
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