RIZAL Commercial Banking Corp. announced last Thursday of having raised some P27.12 billion from the sale of an additional 4.99-percent stake to Tokyo-headquartered Sumitomo Mitsui Banking Corp. .
“The proceeds from the investment will allow the bank to expand the core business in key customer segments—corporate, SME and consumer segments and retail markets such as high net worth customers, mass affluent and mass market segments,” RCBC said. “Both parties are working expeditiously towards signing of definitive transaction documents. The completion of the transaction will be subject to the terms of the transaction documents, customary closing conditions and relevant regulatory approvals,” RCBC said.
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