Sumitomo raises stake in RCBC, the Philippines’ fifth-largest private bank

The Philippines is emerging as a priority market for Sumitomo Mitsui Banking Corp.as the Japanese lender raised its stake in Rizal Commercial Banking Corp., the country’s fifth-largest privately owned bank, to 24.46 percent through a P6.4 billion investment.

The purchase of an additional 4.46 percent interest lifts SMBC’s ownership from 20 percent, reinforcing its long-term commitment to the local banking sector.

Deeper strategic partnership

RCBC president and CEO Reginaldo B. Cariaso said the increased 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 across emerging Asian markets, with the Philippines ranking among its top priorities.

SMBC first invested in RCBC in 2021 with a 4.99 percent stake and raised this to 20 percent in 2023 as cooperation deepened across wholesale and retail banking.

—Edited by Miguel R. Camus