MANILA, Philippines (UPDATE) – Yuchengco-led Rizal Commercial Banking Corp. (RCBC) is absorbing the operations of its credit card unit Bankard Inc., as it sells the latter’s listed shell company to a client of Philippine Business Bank’s trust unit.

“The board of directors, in its special meeting held on October 18, approved the sale to Philippine Business Bank Trust and Investment Center on behalf of various clients the Bank’s and its subsidiary RCBC Capital’s 89% stake in Bankard,” RCBC told the stock exchange.

In a separate disclosure, Philippine Business Bank said its trust unit signed the share purchase agreement with RCBC in behalf of various clients, which it did not name.

The transaction amount was not disclosed.

The closing of the transaction is still subject to regulatory approvals.

RCBC said it will absorb all existing credit card operations of Bankard, through itself, a subsidiary or affiliate.

“RCBC expects to continue to operate the current credit card-related business of Bankard. No disruption on operations is expected from the disclosed transaction,” the bank said.

The buyout of Bankard will allow a possible backdoor-listing of a new business in the listed shell company.