SMBC Increases Stake in RCBC with ₱6.4-Billion Equity Investment
Sumitomo Mitsui Banking Corporation (SMBC) has strengthened its strategic partnership with Rizal Commercial Banking Corporation (RCBC) after acquiring an additional 4.46% equity stake valued at approximately ₱6.4 billion. The transaction raises SMBC’s total ownership in RCBC from 20% to 24.46%, reinforcing its long-term commitment to the Philippine banking sector.
SMBC, one of Japan’s leading financial institutions with a strong global reputation in finance and sustainable banking, said the increased investment reflects its confidence in RCBC’s performance and growth prospects. RCBC President and Chief Executive Officer Reginaldo “Reggie” B. Cariaso noted that the expanded partnership will further support the bank’s strategic priorities.
“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.
The Philippines remains a priority market for SMBC as it continues to pursue growth opportunities across key emerging economies in Asia. The Japanese lender’s presence in the country was formalized in June 2021 with an initial 4.99% equity investment in RCBC, which was subsequently increased to 20% in July 2023. The latest acquisition marks another step in deepening collaboration between the two institutions.
Since the partnership began, SMBC and RCBC have worked closely across a wide range of business segments, spanning wholesale and retail banking. The collaboration has focused on knowledge-sharing, innovation, and the development of enhanced financial products and services for customers.
“We look forward to building on this momentum and continuing to expand the bank’s reach and impact, with innovation and customer empowerment at the core,” said Akihiro Fukutome, President and CEO of SMBC.
RCBC is currently the fifth-largest privately owned bank in the Philippines and has gained recognition for its initiatives in digital banking and environmental, social, and governance (ESG) practices. The bank also operates the most extensive Japan Desk among local banks, underscoring its long-standing relationship with Japanese corporations. Together with SMBC, RCBC continues to leverage this strong bilateral partnership to deliver specialized services and deepen business ties between Japanese and Filipino clients.
