Clifford Chance

Clifford Chance advises CVC on partial sale of stake in the Philippine's Rizal Commercial Banking Corporation

Leading international law firm Clifford Chance has advised Hexagon Investments B.V., an entity controlled by funds advised by CVC Asia Pacific, on its sale of a partial stake in the Philippine's Rizal Commercial Banking Corporation (RCBC), to Taiwan's Cathay Life Insurance Co. Ltd. This transaction forms part of Cathay Life's acquisition of a combined 20% stake in RCBC in which International Finance Corporation also sold a portion of its shares in the Philippine bank and RCBC agreed to issue shares directly to Cathay Life.

CVC sold 119,033,590 million shares at PHP64 per share, netting PHP7.618 billion (approx. US$171 million) and will retain approximately 1.4% of RCBC following the sale.

"We are delighted to have assisted longstanding client CVC on this partial exit," said Corporate partner Neeraj Budhwani who led on this transaction. "The Philippines continues to be an attractive investment destination, particularly in the financial institutions sector, and presents opportunities for early investors such as CVC to realise investments."

Clifford Chance had previously advised CVC on its original investment in RCBC in 2011.

Neeraj was supported by senior associate Bryan Koo and associate Maureen Ho.