Japan's Sumitomo Mitsui to take 5 pct stake in RCBC | ABS-CBN
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Japan's Sumitomo Mitsui to take 5 pct stake in RCBC
Japan's Sumitomo Mitsui to take 5 pct stake in RCBC
Reuters
Published Jun 28, 2021 08:49 PM PHT
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.
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.
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.
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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Sumitomo Mitsui Financial Group
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