Rizal Commercial Banking Corporation (RCB) was originally incorporated in 1960 under the name Rizal Development Bank and began operations as a private development bank in the province of Rizal. It was acquired in 1962 by members of the Yuchengco Group of Companies (YGC), a financial services conglomerate with market presence in insurance and other risk management services. In 1963, the company received approval from the Bangko Sentral ng Pilipinas to operate as a commercial bank and began operations under its present name, Rizal Commercial Banking Corporation. RCB acquired its universal banking license in 1989. As a universal bank, RCB is engaged in all aspects of banking. It provides products and services related to traditional loans and deposits, trade finance, domestic and foreign fund transfers or remittance, cash management, treasury, and trust and custodianship services. The company also enters into forward currency contracts as an accomodation to its clients and as a means of managing its foreign exchange exposures. RCB and its subsidiaries are also engaged in all aspects of traditional banking, investment banking, retail financing, leasing, and stock brokering. Additionally, through its universal banking license, RCB is allowed to perform a number of expanded commercial and investment functions and to invest in the equity of a variety of allied and non-allied financial and non-financial undertakings. RCB's subsidiaries are as follows: RCBC Savings Bank (RSB), RCBC Forex Brokers Corporation, RCBC TeleMoney Europe S.p.a., RCBC North America, Inc., RCBC International Finance Limited, RCBC Investment Ltd., RCBC Capital Corporation, RCBC Securities, Inc., Bankard, Inc., and Merchants Savings and Loan Association, Inc. As of December 31, 2008, RCB, together with wholly-owned subsidiary RSB, has a network of 324 business centers, inclusive of three extension offices, supplemented by 380 ATMs. Source: SEC Form 17-A (2008)