RCBC is at the center of a Senate investigation into a cyber heist in which $81 million stolen from the Bangladesh Bank's account at the U.S. Federal Reserve Bank of New York was allegedly deposited at RCBC.
In the filing, RCBC said top shareholder Pan Malayan Management and Investment Corp last week bought 8.8 million shares at 30 pesos apiece, raising its stake to 42.31 percent from 41.68 percent.
Taiwan's Cathay Life Insurance, a subsidiary of Cathay Financial Holding Co Ltd, bought 5.8 million shares also at 30 pesos apiece, taking its stake to 22.71 percent from 22.3 percent.
The price of RCBC shares fell to as low as 28.75 pesos last month after the bank was placed under investigation. The stock fell as much as 3.8 percent to 30.70 in Wednesday morning trade, versus a 0.6 percent decline in the broader market.
"The principals are very confident of the bank. They used their cash to buy out investors that wanted to exit," said Augusto Cosio, president at fund manager First Metro Asset Management.
RCBC's reputation may have suffered from the heist, but its balance sheet remains attractive given its clients and depositors, Cosio said.
A spokesman at Cathay Financial told Reuters it was "confident in (RCBC's) chairman and management team."
"The Philippines' market is booming. It is only one of its branches that is being investigated. And RCBC is fully cooperating with investigators," the spokesman said.
Unidentified hackers allegedly stole the money in early February and channelled it to casinos and gambling agents in the Philippines via a Manila branch of RCBC.
RCBC launched its own investigation and filed a case against two former employees.
source: www.abs-cbnnews.com
