Sumitomo Mitsui invests P6.4B to raise RCBC stake

Japanese financial giant Sumitomo Mitsui Banking Corp. (SMBC) has invested P6.4 billion to increase its stake in Yuchengco-led Rizal Commercial Banking Corp. (RCBC) to 24.46%, adding to the investments made in 2021 and 2023.

RCBC president and chief executive officer Reginaldo “Reggie” Cariaso said the investment reflects SMBC’s confidence in the bank’s performance and strategic direction, after it reported a 32% increase in its consolidated net income to P8.2 billion for the first nine months of the year.

“This strengthened alliance provides greater momentum for us to accelerate digital transformation, advance sustainable finance, and deliver enhanced value to our clients and stakeholders,” he said.

SMBC acquired a 4.99% equity stake in RCBC in June 2021, which it increased to 20% in July 2023.

“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 and chief executive officer Akihiro Fukutome said. —VAL, GMA Integrated News