CVC Buys Stake in Rizal Commercial Banking

Buyout shop CVC Capital Partners paid 4.96 billion Philippine pesos ($115 million) for a 15% stake in Rizal Commercial Banking Corp., Reuters reported. CVC will take two board seats with the company, which is the Philippines' fifth-largest bank by assets. Proceeds from the deal will be used, in part, to buy up small and mid-sized banks in the Philippines.

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