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

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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.

TOKYO - Japan's Sumitomo Mitsui Financial Group said it agreed to invest around 10 billion yen in Philippine bank Rizal Commercial Banking Corporation , taking a 5 percent stake, 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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Japan's Sumitomo Mitsui to take 5 pct stake in RCBCSMFG, 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.
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Japan's Sumitomo Mitsui to take 5 pct stake in RCBCSMFG, 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.
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