Japan’s Sumitomo Mitsui Finance and Leasing Co. (SMFL) has completed its acquisition of a 30% stake in RCBC Leasing and Finance Corp. (RLFC), expanding its presence in the Philippine financial services market.
The transaction was completed after securing required regulatory approvals and permits, making RLFC an equity-method affiliate of SMFL.
RLFC, wholly owned by Yuchengco-led Rizal Commercial Banking Corp. (RCBC), plans to use the investment to support expansion over the next three to five years, targeting sectors including manufacturing, construction, information technology, renewable energy, healthcare, logistics and auto leasing.
“This investment positions us well for the opportunities ahead and strengthens our capabilities that will drive our business forward,” RLFC President and CEO Jayson Mendoza said.
SMFL said the investment would allow it to combine its sales and management expertise with RCBC’s customer base and RLFC’s local operations as it seeks to capture growing demand for financial services in the Philippines.
The deal also deepens the Japanese financial group’s ties with RCBC. Sumitomo Mitsui Banking Corp. (SMBC) owns a 24.46% stake in the Philippine lender.
SMFL, a joint affiliate of Sumitomo Mitsui Financial Group and Sumitomo Corp., provides leasing and financing services globally, including equipment leasing and aircraft and ship financing.
Founded in 1957, RLFC provides financial leasing and, through a wholly owned subsidiary, operating leases. It has five offices across Luzon, Visayas and Mindanao.
