RCBC completes equity sale to Japan’s Sumitomo Mitsui
MANILA, Philippines — Yuchengco-led Rizal Commercial Banking Corp. completed its share sale to Japanese banking giant, Sumitomo Mitsui Banking Corp., to expand its funding pool.
In a disclosure sent to the Philippine Stock Exchange on Monday, RCBC indicated they completed the sale of an additional 15.01% stake to the Japanese banking giant, considered one of the largest banks in the world. SMBC is the commercial banking arm of Sumitomo Mitsui Financial Group.
The equity purchase effectively injected P27 billion in capital into RCBC, which the bank is keen on using to boost its corporate, small and medium enterprises and retail segments. In RCBC’s eyes, the sale will “open more business matching opportunities for RCBC’s local customer base and SMBC’s global network.”
The deal was announced in November 2022 amid SMBC’s efforts to expand its banking footprint across key Asian markets.
“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 RCBC president and CEO Eugene S. Acevedo.
Shares in RCBC currently trade 8.19% up at P25.1 apiece as of 2:38 Monday afternoon. — Ramon Royandoyan
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