In a disclosure to the Philippine Stock Exchange, Rizal Commercial Banking Corp (RCBC) said it completed the sale of its stake in Bankard Inc to RYM Business Management and other investors. RCBC said it exited the 5.42% stake through a block transaction on December 27, according to Inquirer.

The disclosure added that the deal allowed the RCBC Group to recognize a net gain of PHP123 million. The PHP69 million will go to the bank and the other PHP54 million to its investment arm, RCBC Capital. The sale was done after RCBC transferred its credit card operations to its parent bank, the report detailed.

RCBC said the sale of its Bankard shares was part of its capital raising and capital release program. The said strategy is aimed to comply with the new Basel 3 capital guidelines that took effect at the beginning of 2014. The said guidelines consist of a complex package of changes that will help improve the banks' ability to absorb losses and extend financial risk coverage, the report explained.

Bankard shareholders had earlier agreed to amend the firm's articles of incorporation. In line with the amendment, the bank will change its name to Bright Kindle Resources and Investments Inc. The firm will also change its main purpose into a property holding company, Inquirer reported.