Japan's Sumitomo Mitsui to take 5 pct stake in RCBC

Reuters

Posted at Jun 28 2021 08:49 PM

TOKYO - Japan's Sumitomo Mitsui Financial Group said it agreed to invest around 10 billion yen ($90.3 million) in Philippine bank Rizal Commercial Banking Corporation (RCBC), taking a 5 percent stake, as it looks for growth outside a slow-growing domestic market.

SMFG, Japan's second biggest lender by assets, said it saw the Philippines as a key market, and cited RCBC's strength in digital banking services.

The move follows its announcement in April that it would invest up to 150 billion yen in Vietnam's biggest non-bank lender FE Credit as it looks for growth outside a slow-growing domestic market.

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