Rizal Commercial Banking Corp. (RCBC) said it has completed the sale of an additional 15.001 percent stake to Sumitomo Mitsui Banking Corp. (SMBC) worth P27 billion.
RCBC, the fifth largest private bank in the Philippines in terms of assets, said the capital infusion will “reinforce RCBC’s growth trajectory particularly in its core businesses in corporate, SME and retail segments.”
“Through this partnership, RCBC will once again set the bar higher, adopting global best practices and customer-centric strategies, promoting disruptive banking solutions, and expediting our digital transformation,” said Eugene Acevedo, RCBC president.
As the first local bank to establish a Japan Desk back in 1974, RCBC’s dealings with Japanese companies are some of the most extensive among its peers.
“Closer collaboration will open more business matching opportunities for RCBC’s local customer base and SMBC’s global network. Through this, RCBC and SMBC shall jointly establish a bridge for Philippine businesses and consumers to connect to international markets and vice-versa,” RCBC said in a statement.
The sale increases Sumitomo Mitsui’s stake in RCBC to 20 percent. The sale involves 382 million common shares of the bank, sold at P71 apiece. –Ruelle Albert D. Castro
