Listed Rizal Commercial Banking Corp. (RCBC) closed 66 of its branches this year as it believes brick-and-mortar infrastructure is becoming more irrelevant in the banking industry as a result of the coronavirus disease 2019 (Covid-19) pandemic.
In a Yuchengco Group of Companies virtual forum on Thursday, RCBC President and Chief Executive Officer Eugene Acevedo said his bank closed those branches “because we realized that, at the height of Covid — the initial months [of the pandemic] — 50 to 60 percent of branch transactions just disappeared.”
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