Japan’s Sumitomo Mitsui Finance and Leasing Company Limited (SMFL) is acquiring a 30-percent stake in RCBC Leasing and Finance Corp. (RLFC), the leasing arm of Yuchengco-owned Rizal Commercial Banking Corp. (RCBC).
“This new partnership brings together SMFL’s knowledge and expertise from its global presence with RLFC’s operations and RCBC’s local network to more effectively capitalize on the various opportunities arising from the Philippines’ strong economy,” RCBC said in a disclosure to the stock exchange Wednesday.
The bank did not provide additional information on the deal including the acquisition cost. It said the deal would be done through third party share issuance.
The acquisition is also aligned with SMFL’s broader expansion efforts under the Sumitomo Mitsui Financial Group (SMFG), which has been growing its footprint in high-growth markets such as India, Indonesia, Vietnam and the Philippines by establishing new business bases in these countries.
In 2023, Sumitomo Mitsui Banking Corporation (SMBC), a wholly owned subsidiary of SMFG, acquired an additional 15-percent stake in RCBC, bringing its total ownership in the bank to 20 percent.
Both parties are working toward the execution of definitive agreements, with the transaction subject to regulatory approvals and standard closing conditions.
Formed in 1975, RLFC is involved in financial leasing business as well as operating leases through its wholly owned subsidiaries. It has five offices in key cities across the country.
SMFL is primarily engaged in financial services. Its core business involves providing a comprehensive range of leasing and financial solutions globally involving various assets including equipment leasing and specialized services like aircraft and ship finance.
 is acquiring a 30-percent stake in RCBC Leasing and Finance Corp. (RLFC), the leasing arm of Rizal Commercial Banking Corp. (RCBC), to expand its presence in the Philippines.%%excerpt%%){kind=link}