Rizal Commercial Banking Corporation (RCBC) announced that Sumitomo Mitsui Banking Corporation (SMBC), one of Japan’s leading financial institutions, has acquired an additional 4.46% equity stake in RCBC worth P6.4 billion.
This investment increases SMBC’s total ownership in RCBC from 20% to 24.46%, further solidifying the partnership between the two institutions.
RCBC President and CEO Reginaldo “Reggie” B. Cariaso expressed his enthusiasm for the strengthened alliance, stating, “This investment reflects SMBC’s confidence in the bank’s performance and strategic direction. It provides greater momentum for us to accelerate digital transformation, advance sustainable finance, and deliver enhanced value to our clients and stakeholders.”
SMBC has been actively pursuing growth opportunities in key emerging markets across Asia, with the Philippines identified as one of its priority markets.
The partnership between SMBC and RCBC began in June 2021 with a 4.99% equity investment, which was later increased to a 20% stake in July 2023.
Since then, the two institutions have collaborated across a broad range of business areas, from wholesale to retail banking, fostering mutual understanding and delivering exceptional products and services.
SMBC President and CEO Akihiro Fukutome shared his optimism about the partnership, saying, “We look forward to building on this momentum and continuing to accelerate the bank’s reach and impact, with innovation and customer empowerment at the core.”
RCBC, currently ranked as the fifth-largest privately-owned bank in the Philippines, has been recognized for its advanced initiatives in digital banking and Environmental, Social, and Governance (ESG) practices.
The bank also boasts the most extensive Japan Desk business among local banks, highlighting its strong relationship with Japanese corporations.
Together with SMBC, RCBC aims to further enhance its ability to provide specialized services and insights, catering to the unique needs of its Japanese and Filipino clients while fostering strong bilateral business ties.
