RCBC completes sale of 15% share to SMBC
Manila – On July 31, 2023, Rizal Commercial Banking Corporation (RCBC), the fifth largest private bank in the Philippines in terms of assets, announced the financial completion of the sale of an additional 15.001% stake to Sumitomo Mitsui Banking Corporation (SMBC), subject to post sale requirements and activities. SMBC, the commercial banking arm of Sumitomo Mitsui Financial Group, is one of the largest banks in the world with presence in approximately 40 countries.
The PhP 27 billion capital infusion will reinforce RCBC’s growth trajectory particularly in its core businesses in corporate, SME and retail segments.
“Through this partnership, RCBC will once again set the bar higher, adopting global best practices and customer-centric strategies, promoting disruptive banking solutions, and expediting our digital transformation,” RCBC President and CEO Eugene S. Acevedo said.
Established in 1960, RCBC has a PhP 1.17 trillion balance sheet and a loan portfolio of PhP 588 billion as of June 30, 2023. As the first local bank to establish a Japan Desk back in 1974, RCBC’s dealings with Japanese companies are some of the most extensive among its peers. Closer collaboration will open more business matching opportunities for RCBC’s local customer base and SMBC’s global network. Through this, RCBC and SMBC shall jointly establish a bridge for Philippine businesses and consumers to connect to international markets and vice-versa.