SUMITOMO Mitsui Banking Corporation (SMBC) acquired an additional 4.46% equity stake in the Rizal Commercial Banking Corp. (RCBC) worth P6.4 billion, thus raising its total ownership from 20% to 24.46%.
SMBC is one of Japan’s leading financial institutions, globally recognized for leadership in finance and sustainable banking, among others.
RCBC president and CEO Reginaldo “Reggie” B. Cariaso said that this investment reflects SMBC’s confidence in the bank’s performance and strategic direction.
“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 has been actively pursuing growth opportunities in key emerging markets across Asia, including the Philippines, as one of its priority markets. SMBC’s strategic entry into the country was solidified through a partnership with RCBC, beginning with a 4.99% equity investment in June 2021, which was later increased to a 20% stake in July 2023.
Since the partnership in 2021, SMBC and RCBC worked collaboratively across a broad range of business areas from wholesale to retail banking, fostering mutual understanding while delivering exceptional products and services.
“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,” SMBC president & CEO Akihiro Fukutome said.
Currently ranked as the fifth-largest privately-owned bank in the Philippines, RCBC has been recognized for its advanced initiatives in digital banking and ESG (Environmental, Social, and Governance). Furthermore, RCBC boasts the most extensive Japan Desk business among local banks, a testament to its long-standing and robust relationship with Japanese corporations.
Together with SMBC, this deep-rooted history of collaboration has further enabled RCBC to provide specialized services and insights, catering to the unique needs of its Japanese and Filipino clients and fostering strong bilateral business ties.
