SMBC raises stake in Philippines-based RCBC to 24.46%

Sumitomo Mitsui Banking Corporation (SMBC) has raised its equity involvement successful Rizal Commercial Banking Corporation (RCBC) to 24.46%, pursuing the acquisition of an further 4.46% valued astatine Y 17bn ($108m).

The involvement summation is portion of SMBC’s multi-franchise strategy, which is centred connected maturation opportunities crossed Asian markets.

The concern builds connected a narration betwixt SMBC and RCBC that began with a 4.99% involvement acquired successful June 2021.

In July 2023, SMBC took its holding successful RCBC to 20%.

At that stage, RCBC became an equity-method affiliate for some SMFG and SMBC.

RCBC is simply a commercialized slope based successful the Philippines and has been operating since 1960.

It is listed connected the Philippine Stock Exchange.

The slope is besides a subordinate of the Yuchengco Group, whose holding steadfast Pan Malayan Management and Investment Corporation owns a 33.92% stock successful RCBC.

Yuchengco Group has its links with Japanese corporates and manages a Japan Desk concern among section banks.

Since forming their partnership, RCBC and SMBC Group person worked unneurotic connected assorted areas specified arsenic wholesale and retail banking services.

They person introduced products and services developed done collaboration to payment clients of some organisations.

With this investment, SMBC Group aims to fortify its narration with RCBC and amended enactment for customers from some organisations who are looking to grow their concern operations successful the Philippines.

For the nine-month play ending September successful the fiscal twelvemonth closing December 2025, RCBC reported a nett net of Y 20.4bn and nett assets valued astatine Y 371.7bn.

"SMBC raises involvement successful Philippines-based RCBC to 24.46% " was primitively created and published by Private Banker International, a GlobalData owned brand.

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