RCBC taps Japan banker for SME expansion

MANILA, Philippines - Rizal Commercial Banking Corp. (RCBC) has partnered with Saitama    Resona Bank Ltd. and The Kinki Osaka Bank Ltd. to support the expansion of Japanese small and medium enterprises (SMEs) into the Philippines.

Japanese SMEs have been aggressively entering the Philippine market, necessitating financial services from local banks that are allied with their counterparts in Japan.

Saitama Resona Bank operates largely in Saitama Prefecture, home to SMEs that supplies the needs of major Japanese manufacturing firms. The Kinki Osaka Bank has 128 manned branches mainly in the Kinki region.

Both are allied banks of Resona Bank, the core institution offering a full line of banking, trust and real estate related business.

Last year, RCBC entered into an agreement with Resona, Japan’s fourth largest banking group designed to service the banks’ clients operating in their respective countries.

The alliance has been benefiting many of Resona’s clients who are operating their businesses in the country. The two banking institutions followed this up with a memorandum of understanding with the Philippine Economic Zone Authority (PEZA) to further promote direct investments and help foster business partnerships between Philippine and Japanese entrepreneurs and companies.

RCBC likewise expanded its Japan Business Relationship Office help desk to ensure its ability to service the expanding Japanese direct investments into the Philippines.

RCBC first senior vice president for corporate banking group Michelangelo R. Aguilar said majority of these Japanese locators are SMEs that form part of the global supply chain of major Japanese manufacturers.

The recent accord with the two SME-oriented Japanese banks allow the Japanese locators and Resona clients to tap into by financial services including loans, opening accounts and receive advisory services from RCBC.