SMBC boosts stake in RCBC to 24.46%
Japan’s Sumitomo Mitsui Banking Corp. (SMBC) has increased its ownership in Rizal Commercial Banking Corp. (RCBC) after acquiring an additional 4.46-percent stake worth P6.4 billion.
This is seen to further strengthen the strategic partnership between the two banks.
In a statement on Monday, RCBC said the latest investment lifted SMBC’s total shareholding in the listed Philippine lender from 20 percent to 24.46 percent, underscoring the Japanese bank’s growing commitment to the local market and confidence in RCBC’s long-term strategy.
RCBC president and CEO Reginaldo Cariaso said the expanded investment reflects SMBC’s trust in the bank’s performance and direction, particularly as RCBC continues to push its digital and sustainability initiatives.
“This strengthened alliance provides greater momentum for us to accelerate digital transformation, advance sustainable finance and deliver enhanced value to our clients and stakeholders,” Cariaso said.
SMBC is one of Japan’s leading financial institutions and has been actively pursuing growth opportunities across Asia, with the Philippines identified as a priority market.
Its strategic entry into the country was cemented through its partnership with RCBC, which began in June 2021 with an initial 4.99-percent equity investment.
The partnership deepened in July 2023, when SMBC increased its stake to 20 percent.
Since then, the two banks have worked closely across a broad range of business segments, from wholesale to retail banking, aimed at enhancing product offerings and strengthening customer engagement.
SMBC president and CEO Akihiro Fukutome said, “We look forward to building on this momentum and continue to accelerate the bank’s reach and impact, with innovation and customer empowerment at the core.”
RCBC is currently ranked as the fifth-largest privately owned bank in the Philippines. It has been recognized for its initiatives in digital banking and environmental, social and governance practices.
The bank also operates the most extensive Japan desk business among local lenders, reflecting its long-standing relationship with Japanese corporations operating in the country.
