Rizal Bank Inc., A Microfinance-Oriented Rural Bank (Formerly : Rizal Rural Bank (Taytay), Inc.) was founded in May 1996 by Atty Gregorio and Ms. Filomena Suarez, both veterans of the Bangko Sentral ng Pilipinas, to serve the community in Taytay, Rizal where their famiy resides. The bank also provided various financial as well as consultancy services to the people of Taytay.
On August 1, 2012, the Center for Agriculture and Rural Development, Inc. (CARD, Inc.), CARD Bank, Inc, and individual investors submitted its intent to purchase 100% ownership of the bank. Thus, on October 11, 2012 the CARD Mutually Reinforcing Institutions (CARD MRI) group and the Suarez family had a formal signing to signify the official sale of Rizal Bank, Inc. to the CARD MRI Group.
Implementation of microfinance program was then started by applying the CARD MRI methodology of transitioning evaluated clients from Taytay Units 1 and 2 of CARD, Inc. This is parallel to the objectives of the CARD MRI Group: serving the socially-and-economically challenged families.
Bangko Sentral ng Pilipinas officially approved on January 25, 2013, through Monetary Board Resolution 155, the transfer of 100% ownership of Rizal Bank Inc. to the CARD MRI Group including the transfer of RBI’s head office to Sta. Cruz, Laguna and establishment of additional three branches and ten (10) Micro-banking Offices.