Sumitomo Mitsui Banking Corp. (SMBC) has increased its ownership in Rizal Commercial Banking Corp. (RCBC) after acquiring an additional 4.46 percent equity stake for P6.4 billion.
The acquisition raised the Japanese lender’s total stake in RCBC to 24.46 percent from 20 percent, the Philippine bank said in a statement to the stock exchange Monday.
SMBC, a leading Japanese financial institution, has identified the Philippines as a priority market as it pursues growth across emerging Asian economies.
RCBC president and chief executive Reginaldo Cariaso said the transaction reflects confidence in the bank’s performance and long-term strategy.
Cariaso said the strengthened alliance provides momentum to accelerate digital transformation and advance sustainable finance.
SMBC initially entered RCBC in June 2021 with a 4.99-percent investment before increasing that share to 20 percent in July 2023.
The two banks have since collaborated on product development and service delivery across wholesale and retail banking segments.
SMBC president and chief executive Akihiro Fukutome said the group looks forward to building on this momentum to accelerate the bank’s reach and impact with a focus on innovation.
RCBC is the fifth-largest privately owned bank in the Philippines and is known for its digital banking and environmental, social and governance (ESG) practices.
The lender also operates the most extensive Japan Desk among local banks to support its ties with Japanese corporations.
The partnership aims to strengthen specialized services for both Japanese and Filipino clients while supporting deeper bilateral business relations between the two countries.
