The Japan-based firm intends to raise its stake to 20 percent in the company.
Japan’s Sumitomo Mitsui Financial Group announced its planned PHP 27 billion investment in Rizal Commercial Banking Corp. to raise its stake to 20 percent in its latest grab for growth in Southeast Asia. The two firms aims to partner in digital banking and other areas. The Japanese firm’s core unit Sumitomo Mitsui Banking Corp., which acquired a 4.99 percent interest in RCBC in 2021, will subscribe to a share offering by RCBC.
