RCBC completes sale of 15 pct share to Japan-based bank | ABS-CBN

ADVERTISEMENT

dpo-dps-seal
Welcome, Kapamilya! We use cookies to improve your browsing experience. Continuing to use this site means you agree to our use of cookies. Tell me more!

RCBC completes sale of 15 pct share to Japan-based bank

RCBC completes sale of 15 pct share to Japan-based bank

ABS-CBN News

Clipboard

RCBC branch in Manila on Jan. 25, 2023. George Calvelo, ABS-CBN News/File
RCBC branch in Manila on Jan. 25, 2023. George Calvelo, ABS-CBN News/File

MANILA -- RCBC on Monday announced the completion of the sale of an additional 15 percent stake to Japanese-based bank Sumitomo Mitsui Banking Corporation.

The Yuchengco-led firm says the P27 billion capital infusion will boost its growth trajectory in its core businesses.

RCBC president and chief executive officer Eugene Acevedo said the partnership will help the bank speed up its digital transformation and promote "disruptive banking solutions."

RCBC has a P1.17 trillion balance sheet and a loan portfolio of P588 billion as of June 30. The bank was the first in the Philippines to establish a Japan desk in 1974.

ADVERTISEMENT

RCBC said its net income for 2022 reached P12.1 billion.

RELATED STORY:

Watch more News on iWantTFC

Read More:

RCBC

ADVERTISEMENT

ADVERTISEMENT

It looks like you’re using an ad blocker

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker on our website.

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker on our website.