Rizal Commercial Banking Corp. (RCBC), the Philippines’ sixth-largest lender, said that Sumitomo Mitsui Finance and Leasing Co. Ltd. has acquired a 30 percent stake in its leasing subsidiary, Rizal Leasing and Finance Corp. (RLFC).
The stake was acquired through a third-party share issuance, though financial details of the transaction were not disclosed. The deal is yet to be finalized.
RCBC, which is controlled by the Yuchengco Group, said the strategic partnership combines Sumitomo Mitsui’s global financial expertise with RLFC’s established operations and RCBC’s domestic network—positioning the group to capitalize on growth opportunities in the Philippine economy.
The move is part of Sumitomo Mitsui’s broader effort to deepen its footprint in high-growth Asian markets, including India, Indonesia, Vietnam, and the Philippines.
In a related development, Sumitomo Mitsui Banking Corp. increased its equity stake in RCBC from 5 percent to 20 percent in 2023.
