Rizal Commercial Banking Corp., the sixth largest lender in the Philippines by assets, announced Monday the financial completion of its sale of an additional 15 percent stake to Sumitomo Mitsui Banking Corp. for P27 billion.
RCBC said the sale that is still subject “to post sale requirements and activities” will increase Sumitomo Mitsui Bank’s stake in the local lender to 20 percent.
Sumitomo Mitsui Bank is the commercial banking arm of Sumitomo Mitsui Financial Group, one of the largest banks in world.
“The P27 billion capital infusion will reinforce RCBC’s growth trajectory, particularly in its core businesses of corporate, SME, and retail segments,” the bank said.
