RCBC and SMBC partner with PEZA, eye more alliances in 2024
After sealing a landmark deal with Philippine Economic Zone Authority (PEZA), Rizal
Commercial Banking Corp. (RCBC) and Sumitomo Mitsui Banking Corp. (SMBC) are gearing up for more partnerships in 2024.
SMBC Managing Executive Officer and Co-Head of APAC Yuichi Nishimura, PEZA Director General Tereso Panga, RCBC President and CEO Eugene Acevedo
RCBC President and CEO Eugene S. Acevedo said the recent collaboration of RCBC,
SMBC, and PEZA is just the beginning of an exciting chapter for collaboration, committed to pursue more alliances moving forward.
“With this tripartite partnership, we hope to bring more Japanese investors into the Philippines that will contribute to the country’s economic development,” Acevedo further said. With this MOU, RCBC and SMBC will be an important partner of PEZA in inviting potential investors to the Philippines by way of investment seminars that will showcase business expansion opportunities and various financial services and support that are available for PEZA clients.
“Our role as a bridge between the Japanese market and the Philippines is integral to the
success of this collaboration.,” Acevedo said. “Together with PEZA and SMBC, we are
creating an ecosystem that will facilitate seamless connections between Japanese investors and the vibrant opportunities that the Philippines has to offer.”
RCBC President and CEO, Eugene S. Acevedo, RCBC Advisory Board Member and former PEZA Director General Atty. Lilia B. de Lima, PEZA Director General Tereso O. Panga, SMBC Managing Executive Officer and Co-Head of APAC Yuichi Nishimura, SMBC Manila Managing Director and Country Head, Yasushi Iwata
Last July 2023, SMBC acquired an additional 15-percent stake in RCBC through a PHP 27
billion capital infusion on top of the 5-percent share they had since 2021. This strategic
investment and collaborative partnership were forged with the objective of expanding SMBC Group's local footprint and enhancing its capabilities to offer comprehensive and value-added services to customers aiming to invest in the Philippines.