Philippines' Rizal Bank in talks to sell 20 pct stake to Cathay Financial

MANILA Thu Aug 28, 2014 11:43pm EDT

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MANILA Aug 29 (Reuters) - The Philippines' Rizal Commercial Banking Corp is in talks to sell a 20 percent stake to Taiwan's Cathay Financial Holding Co, Rizal Bank's chief executive said on Friday.

Rizal Bank may sell a 10 percent stake while shareholder CVC Capital Partners Ltd may also sell 10 percent, CEO Lorenzo Tan told reporters.

Financial sources had previously flagged that the two parties were in talks about the stake sale. (Reporting by Karen Lema and Neil Jerome Morales; Editing by Edwina Gibbs)

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