Bankard, Inc. (the Company or Bankard), was incorporated in the Philippines on December 4, 1981 as a credit card corporation. On March 21, 1995, the Company became a publicly listed company when it listed its shares of stock with The Philippine Stock Exchange, Inc. (PSE). Prior to December 27, 2013, Bankard is a subsidiary of Rizal Commercial Banking Corporation (RCBC or former parent company). Effective January 2007, with the execution of a service agreement between the Company and RCBC, the Company’s main business shifted to providing RCBC with marketing, distribution, echnical, collection and selling assistance, and processing services in connection with the operation of RCBC’s credit card business (see Note 15.01). The Company was a licensee of MasterCard International Incorporated (MasterCard), JCB International Co., Ltd. (JCB) and VISA International Service Association (VISA) to issue credit cards and acquire transactions, including that of Union Pay International (UPI) issued cards, which are accepted by the MasterCard, JCB and VISA card networks of affiliated banks and merchant establishments worldwide.
On October 18, 2013, the Board of Directors (BOD) of RCBC approved the sale of its 89.98% collective stake in the Company. In order to consummate the sale, a block sale was made between RCBC and RYM Business Management Corp. (RYM or the parent company) together with other investors. Thus, as of December 31, 2013, the Company is 81.77% owned by RYM. In view of the change in its ownership and management, the Company has changed the nature of its principal business. Effective December 16, 2013, the Company has ceased acting as the administrator of RCBC’s credit card business. In November 2013, the Company’s BOD approved the amendment in the Company’s Articles of Incorporation to change its corporate name to Bright Kindle Resources & Investments Inc., and primary business purpose to a holding company. This matter was submitted and approved by the shareholders during the Special Stockholders’ Meeting held on December 9, 2013. The Philippine Securities and Exchange Commission (SEC) approved the Company’s Amended Articles of Incorporation on January 30, 2014. Consequently, the Company will now be engaged in the purchase, exchange, assignment, and hold investments and all properties, including, but not limited to, bonds, debentures, promissory notes, shares of stock, or other securities without however engaging in the business of an investment company under the Investment Company Act or a finance company or a broker or dealer in securities. The Company’s registered office, which is also its principal place of business, is located at the 31st Floor, Robinsons Equitable Tower, ADB Avenue corner Poveda Street, Ortigas.