Sumitomo Mitsui Banking Corporation (SMBC) has raised its equity stake in Rizal Commercial Banking Corporation (RCBC) to 24.46%, following the acquisition of an additional 4.46% valued at Y 17bn ($108m).
The stake increase is part of SMBC’s multi-franchise strategy, which is centred on growth opportunities across Asian markets.
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The investment builds on a relationship between SMBC and RCBC that began with a 4.99% stake acquired in June 2021.
In July 2023, SMBC took its holding in RCBC to 20%.
At that stage, RCBC became an equity-method affiliate for both SMFG and SMBC.
RCBC is a commercial bank based in the Philippines and has been operating since 1960.
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By GlobalDataIt is listed on the Philippine Stock Exchange.
The bank is also a member of the Yuchengco Group, whose holding firm Pan Malayan Management and Investment Corporation owns a 33.92% share in RCBC.
Yuchengco Group has its links with Japanese corporates and manages a Japan Desk business among local banks.
Since forming their partnership, RCBC and SMBC Group have worked together on various areas such as wholesale and retail banking services.
They have introduced products and services developed through collaboration to benefit clients of both organisations.
With this investment, SMBC Group aims to strengthen its relationship with RCBC and improve support for customers from both organisations who are looking to expand their business operations in the Philippines.
For the nine-month period ending September in the financial year closing December 2025, RCBC reported a net profit of Y 20.4bn and net assets valued at Y 371.7bn.
